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OPEC+ Agrees to Adjust Overall Oil Production Level to 40.46Mln B/D From 2024
OPEC+ Agrees to Adjust Overall Oil Production Level to 40.46Mln B/D From 2024
Sputnik International
Russia will extend its voluntary oil production cut by 500,000 barrels per day until the end of December 2024, Deputy Prime Minister Alexander Novak said on Sunday.
2023-06-04T17:17+0000
2023-06-04T17:17+0000
2023-06-04T18:26+0000
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"The Participating Countries decided to… [a]djust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the [Declaration of Cooperation] to 40.46 mb/d, starting 1 January 2024 until 31 December 2024," they said in a joint statement.The change is in line with the continued commitment of OPEC and non-OPEC partners, led by Russia, "to achieve and sustain a stable oil market, and to provide long-term guidance for the market," which takes into account the successful proactive and preemptive approach of the previous years, they said.Under the revised commitments, Saudi Arabia will maintain its crude production at 10.478 million barrels per day, while Russia will slash its daily output by 650,000 barrels to 9.828 million barrels starting January 2024, according to a table published by OPEC.At the same time, OPEC+ is not aiming for a specific oil price, Saudi Energy Minister Prince Abdulaziz bin Salman said during a press conference following the group's meeting on Sunday. The minister noted the world's major oil producers were not focused on prices, replying to a question on whether OPEC+ eyed a certain price range.OPEC+ will hold its next OPEC and non-OPEC Ministerial Meeting in Vienna on November 26.The 10-nation OPEC set the daily production target for next year at a total 24.994 million barrels, while that of non-OPEC partners was fixed at 15.469 million barrels. Sputnik estimates that the revised OPEC+ commitments will take 1.393 million barrels off the market in 2024.Russia to Extend Voluntary Oil Production Cut Until December 2024Russia has reached the voluntary reduction of oil production by 500,000 barrels per day, Russian Deputy Prime Minister Alexander Novak said on Sunday."According to the Energy Ministry, we have reached the announced 500,000 barrels per day and we will continue to implement the agreements reached," he told reporters.Commenting on Sunday's decision of OPEC+ to adjust the total level of oil production from 2024 to 40.46 million barrels per day, Novak said that it was in the interests of the world market and that Russia and Saudi Arabia had no disagreement on this issue."We had no disagreement, this is a joint decision. As you know, our agreement works in the interests of the market, in the interests of the countries participating in the agreement," he said.UAE to Extend Voluntary Oil Production Cuts Throughout 2024The United Arab Emirates will extend its voluntary cut in oil production by 144,000 barrels per day throughout 2024, Energy Minister Suhail Mohamed Al Mazrouei said Sunday.He added that this "voluntary cut" will be from the required production level, as agreed upon at today's OPEC+ ministerial meeting in Vienna.
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OPEC+ Agrees to Adjust Overall Oil Production Level to 40.46Mln B/D From 2024
17:17 GMT 04.06.2023 (Updated: 18:26 GMT 04.06.2023) VIENNA (Sputnik) - The world’s major petroleum exporting countries making up OPEC+ agreed at a meeting in Vienna on Sunday to adjust the overall oil production level to 40.463 million barrels per day throughout 2024.
"The Participating Countries decided to… [a]djust the
level of overall crude oil production for OPEC and non-OPEC Participating Countries in the [Declaration of Cooperation] to 40.46 mb/d, starting 1 January 2024 until 31 December 2024," they said in a joint statement.
The change is in line with the continued commitment of OPEC and non-OPEC partners, led by Russia, "to achieve and sustain a stable oil market, and to provide long-term guidance for the market," which takes into account the successful proactive and preemptive approach of the previous years, they said.
Under the revised commitments, Saudi Arabia will maintain its crude production at 10.478 million barrels per day, while Russia will slash its daily output by 650,000 barrels to 9.828 million barrels starting January 2024, according to a table published by OPEC.
"This level was the required production level for the month of February 2023, as assessed by the average of the secondary sources, and is subject to revision by June 2023 as the country [Russia] is currently working with the secondary sources to update production figures," the footnote read.
At the same time, OPEC+ is not aiming for a specific oil price, Saudi Energy Minister Prince Abdulaziz bin Salman said during a press conference following the group's meeting on Sunday. The minister noted the world's major oil producers were not focused on prices, replying to a question on whether OPEC+ eyed a certain price range.
OPEC+ will hold its next OPEC and non-OPEC Ministerial Meeting in Vienna on November 26.
The 10-nation OPEC set the daily production target for next year at a total 24.994 million barrels, while that of non-OPEC partners was fixed at 15.469 million barrels. Sputnik estimates that the revised OPEC+ commitments will take 1.393 million barrels off the market in 2024.
Russia to Extend Voluntary Oil Production Cut Until December 2024
Russia has reached the voluntary reduction of oil production by 500,000 barrels per day, Russian Deputy Prime Minister Alexander Novak said on Sunday.
"According to the Energy Ministry, we have reached the announced 500,000 barrels per day and we will continue to implement the agreements reached," he told reporters.
Commenting on Sunday's decision of OPEC+ to adjust the total level of oil production from 2024 to 40.46 million barrels per day,
Novak said that it was in the interests of the world market and that Russia and Saudi Arabia had no disagreement on this issue.
"We had no disagreement, this is a joint decision. As you know, our agreement works in the interests of the market, in the interests of the countries participating in the agreement," he said.
UAE to Extend Voluntary Oil Production Cuts Throughout 2024
The United Arab Emirates will extend its voluntary cut in oil production by 144,000 barrels per day throughout 2024, Energy Minister Suhail Mohamed Al Mazrouei said Sunday.
"United Arab Emirates will extend its voluntary cut of 144 thousand barrels per day until the end of December 2024, as a precautionary measure, in coordination with the countries participating in the OPEC Plus agreement, which had previously announced voluntary cuts in April," the minister tweeted.
He added that this "voluntary cut" will be from the required production level, as agreed upon at today's OPEC+ ministerial meeting in Vienna.
