OPEC Praises Kazakhstan's Commitment To Compensate For Overproduction

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, April 3. The 53rd Meetingof the Joint Ministerial Monitoring Committee (JMMC), which tookplace on April 3 via videoconference, praised Iraq and Kazakhstan'scommitment to achieve full conformity and compensate foroverproduction, Trend reports, citing OPEC.

The Committee also applauded the Russian Federation's statementthat its voluntary adjustments for the second quarter of 2024 willbe based on output rather than exports.

During the videoconference, the JMMC reviewed crude oil productiondata for January and February 2024 and highlighted thatparticipating OPEC and non-OPEC countries were in high compliancewith the Declaration of Cooperation (DoC).

Additionally, member countries with outstanding overproductionquantities for the months of January, February, and March 2024 willsubmit detailed compensation plans to the OPEC Secretariat by April30, 2024.

The Committee will continue to monitor the conformity of theproduction adjustments decided upon at the 35th ONOMM held on June4, 2023, the additional voluntary production adjustments announcedby some participating OPEC and participating non-OPEC countries inApril 2023, and the subsequent adjustments in November 2023 andFebruary 2024.

In addition, the Committee will continue to closely assessmarket conditions and note the willingness of the DoC countries toaddress market developments and their readiness to take additionalmeasures at any time, building on the strong cohesion between OPECand participating non-OPEC oil-producing countries.

At the end, it was decided that the next meeting of the JMMC(54th) is scheduled for June 1, 2024.


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