OPEC+ allies cut oil output by 2.2 mln bpd

VIENNA, Nov 30 (KUNA) -- The 36th OPEC and non-OPEC Ministerial Meeting, held via videoconference on Thursday, agreed to maintain a low level of daily oil production as decided in the previous meeting, throughout 2024, apart from the voluntary cuts being announced unilaterally. The OPEC Secretariat noted the announcement of several OPEC+ countries of additional voluntary cuts to the total of 2.2 million barrels per day, aimed at supporting the stability and balance of oil markets, according to a press release from the organization.
"These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on June 4 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024.
"These additional voluntary cuts are announced by the following OPEC+ countries: Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024.
"Afterwards, in order to support market stability, these voluntary cuts will be returned gradually subject to market conditions," the statement noted.
"The above will be in addition to the announced voluntary cut by the Russian Federation of 500 thousand barrels per day for the same period (starting 1st of January until the end of March 2024), which will be made from the average export levels of the months of May and June of 2023, and will consist of 300 thousand barrels a day of crude oil and 200 thousand barrels per day of refined products," it added.
In a separate statement, OPEC said the Ministerial Meeting reaffirmed continued commitment of the Participating Countries in the Declaration of Cooperation (DoC) to ensure a stable and balanced oil market. In view of current oil market fundamentals, the Meeting reaffirmed the Framework of the Declaration of Cooperation, signed on December 10, 2016 and further endorsed in subsequent meetings including the 35th OPEC and Non-OPEC Ministerial Meeting on 4 June 2023; as well as the Charter of Cooperation, signed on July 2, 2019.
The Meeting noted that, in accordance with the decision of the 35th OPEC and non-OPEC Ministerial Meeting, the completion of the assessment by the three independent sources (IHS, Wood Mackenzie and Rystad Energy) for production level that can be achieved in 2024 by Angola, Congo and Nigeria as follows: Angola at 1,110 t/bd, Congo at 277 t/bd and Nigeria at 1,500 t/bd.
The Meeting welcomed Alexandre Silveira de Oliveira, Minister of Mines and Energy of the Federative Republic of Brazil, which will join the OPEC+ Charter of Cooperation starting January 2024, according to the statement.
The 37th OPEC and non-OPEC Ministerial Meeting will be held on 1 June 2024 in Vienna, it added. (end) amg.gb