OPEC+ Plans to Keep Oil Production Cuts Unchanged
01.29.2024 By Tank Terminals - NEWS

January 29, 2024 [Oil Price]- The OPEC+ group doesn’t have any plans to alter the current oil production policy and cuts when the alliance’s monitoring panel meets next week, OPEC+ delegates told Bloomberg on Friday.

 

OPEC’s Joint Ministerial Monitoring Committee (JMMC), which takes stock of oil market developments and recommends actions to the full ministerial meetings, is scheduled to hold an online meeting on February 1.

Part of the current oil production cuts only started at the beginning of January, so OPEC+ will need more time to review and assess what impact the output reduction has had on market balances, Bloomberg’s anonymous sources said.

OPEC+ members collectively decided to voluntarily cut 2.2 million bpd from the group’s production this quarter, although much of that was production cuts that were already in effect, including Saudi Arabia’s 1 million bpd voluntary cut.

Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, told Bloomberg last month that the OPEC+ production cuts could extend beyond March 2024 if the market requires it.

The Saudi energy minister also criticized commentators for failing to understand the output deal and suggested that this would change once “people see the reality of the deal.”

Both Saudi Arabia and Russia – the OPEC+ leaders – have said, via their respective top oilmen, that OPEC+ is ready to extend or deepen the oil production cuts if needed.

The group is ready to take additional measures and deepen the oil production cuts in the first quarter of 2024 to avoid volatility and speculation on the market, Russia’s Deputy Prime Minister Alexander Novak said early last month.

Analysts will be watching closely all OPEC+ decisions and speculation this year as they reckon that a large part of oil market fundamentals and balances will depend on the group’s policy to manage supply in the first quarter of the year and for the rest of 2024.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

PetroVietnam Gas to Launch LNG Trucking Business
03.04.2024 - NEWS
March 4, 2024 [LNG Prime]- PetroVietnam Gas, a unit of state-owned PetroVietnam, will this month ... Read More
Three Firms Join Forces on $3.3 Billion LNG-to-Power Project in Philippines
03.04.2024 - NEWS
March 4, 2024 [LNG Prime]- Power companies Meralco PowerGen, Aboitiz Power, and San Miguel Global... Read More
OPEC+ Members Extend Oil Output Cuts to Second Quarter
03.04.2024 - NEWS
March 4, 2024 [Reuters]- OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend ... Read More
Russia Says to Deepen Oil Output Cuts While Easing Export Limits
03.04.2024 - NEWS
March 4, 2024 [Reuters]- Russia will cut its oil output and exports by an additional 471,000 barr... Read More