Oil-producing nations meet to confirm voluntary production cuts.
The 48th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Monday.
The Committee reviewed the crude oil production data for the months of January and February 2023 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).
Oil production cuts
The Members of the JMMC reaffirmed their commitment to the DoC, which extends to the end of 2023 as decided at the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on October 5, 2022, and urged all participating countries to achieve full conformity and adhere to the compensation mechanism.
The Meeting noted the following voluntarily production adjustments:
- Saudi Arabia, 500,000bpd
- Iraq, 211,000
- United Arab Emirates, 144,000 bpd
- Kuwait, 128,000 bpd
- Kazakhstan, 78,000 bpd
- Algeria, 48,000 bpd
- Oman, 40,000 bpd
- Gabon, 8,000 bpd
The cuts will start in May until the end of 2023.
These will be in addition to the production adjustments decided at the 33rd OPEC and non-OPEC Ministerial Meeting,
Accordingly, this will bring the total additional voluntary production adjustments by the above-mentioned countries to 1.66 million bpd.
The Meeting noted that this is a precautionary measure aimed at supporting the stability of the oil market.
The next meeting of the JMMC is scheduled for June 4, 2023.
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