{"id":10922,"date":"2024-06-03T08:37:03","date_gmt":"2024-06-03T08:37:03","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=10922"},"modified":"2024-06-03T08:37:03","modified_gmt":"2024-06-03T08:37:03","slug":"opec-extends-collective-production-cuts-into-2025","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/10922\/","title":{"rendered":"OPEC+ Extends Collective Production Cuts Into 2025"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0In a press release that was published at the end of OPEC+ ministerial meeting on 2 June, the oil producing group reaffirmed its commitment to the Declaration of Cooperation (DoC) and decided to extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC into the next year.<\/p>\n

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OPEC+ was formed in 2016 and includes 12 OPEC members and 10 of the world’s leading non-OPEC oil exporters, including Russia; representing about 41 percent of world oil production.<\/p>\n

Full text of the OPEC+ statement, as published by OPEC\u2019s official website, is as follows:<\/p>\n

In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, and to provide long-term guidance and transparency for the market, and in line with the approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to:<\/p>\n

1-\u00a0\u00a0 Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on 2 July 2019.<\/p>\n

2- Extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as per the attached table starting 1 January 2025 until 31 December 2025.<\/p>\n

3-\u00a0\u00a0 Extend the assessment period by the three independent sources to the end of November 2025, to be used as guidance for 2026 reference production levels.<\/p>\n

4-\u00a0\u00a0 \u00a0Reaffirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC meeting is to be held every two months.<\/p>\n

5-\u00a0\u00a0 Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference.<\/p>\n

6-\u00a0\u00a0 Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.<\/p>\n

7-\u00a0\u00a0 \u00a0Reaffirm that the DoC conformity is to be monitored considering crude oil production, using the average of the approved seven secondary sources, and according to the methodology applied for OPEC Member Countries.<\/p>\n

8-\u00a0\u00a0 \u00a0Reiterate the critical importance of adhering to full conformity and compensation mechanism.<\/p>\n

9-\u00a0\u00a0 Hold the 38th OPEC and non-OPEC Ministerial Meeting on 1 December 2024.<\/span><\/p>\n<\/div>\n<\/div>\n

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