OPEC+ alliance to maintain production levels until June
The logo of the OPEC at the OPEC headquarters. Photo: AFP
Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil announced on Wednesday that the OPEC+ alliance had agreed to maintain the same production policy until June.
The spokesperson for the Ministry of Oil, Asem Jihad, said in a statement that the decision was made after the ministerial meeting to monitor OPEC and OPEC+ production levels and recommend keeping the production levels that were approved at the previous meeting unchanged until next June, the Iraqi News Agency (INA) reported.
Jihad indicated that the Iraqi Minister of Oil, Hayan Abdul-Ghani, participated in the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC), which took place via videoconference.
The Committee applauded the pledges made by Iraq and Kazakhstan to attain complete compliance and make up for excess output.
The Committee expressed its approval of Russia’s declaration that, starting in the second quarter of 2024, its voluntary adjustments will be based on production rather than exports.
By April 30, participating countries with exceptional overproduced quantities for the months of January, February, and March 2024 shall provide the OPEC Secretariat with their comprehensive compensation plans.