…as the OPEC+ committee does not recommend oil quotas, will ‘closely assess’ the market
The production quota allocations for Nigeria and Congo, are set through the end of 2024. This was part of the resolutions by the OPEC+ advisory committee which met on Feb. 1 Nigeria’s production level was reduced from 1.7 to 1.5 million barrels per day production starting from January 2024.
The Committee, however, states that OPEC+ is ready to act if needed
OPEC+ advisory committee which met on Feb. 1 made no recommendations on production policy, in effect keeping current output cuts in place.
The Joint Ministerial Monitoring Committee was co-chaired by Saudi Arabia and Russia and stated that it would “continue to closely assess market conditions,” adding that the full 22-country producer alliance stood ready to adjust production levels as needed.
The next JMMC meeting was set for April 3, just after the latest series of OPEC+ production cuts are set to expire, while the full OPEC+ coalition is scheduled to meet in person in Vienna on June 1.
The current OPEC+ production quotas involve a series of overlapping output cuts implemented since October 2022, with the group’s most recent meeting in November 2023 resulting in an agreement for some 2.2 million b/d of voluntary cuts by Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman through the end of March.
All other members’ quotas, including reduced allocations for Nigeria and Congo, are set through the end of 2024.
Russia, meanwhile, has agreed to a 300,000 b/d cut in its crude exports, though not necessarily production.