Brent is above $75 per barrel
The Joint Ministerial Monitoring Committee of the OPEC + alliance kept the production policy unchanged at its meeting on Wednesday, allowing the group to begin gradual production at the beginning of December.
According to OPEC’s statement, the Joint Ministerial Committee for Production Monitoring stressed “the importance of full compliance and compensation for increased production” during the meeting, after reviewing crude oil production for the months of July and August, and current market conditions. .
Elian said, “Iraq, Kazakhstan, and Russia confirmed their full compliance with the agreement and compensation plans for increased production according to the records they submitted for the month of September agreement and compensation plans during the remaining period of the agreement.”
The final estimates of crude oil production levels for September will be based on data provided by approved secondary sources on the production levels of countries participating in the Call for Cooperation, which will be available in the second week of October 2024, according to the statement.
The committee also noted the three technical workshops held separately between representatives from Iraq, Kazakhstan, Russia, and secondary sources, with the aim of discussing production details for the month of September and presented amended compensation plans that include compensation for the increase in their number. production for the month of August, according to the plans that these countries forwarded to the General Secretariat of OPEC.
The OPEC statement explained that the ministerial committee “will continue to monitor compliance with the agreed production changes…
The next meeting of the joint ministerial committee is scheduled to take place on December 1.
It usually meets every two months and can make recommendations to change product policy. The OPEC Plus group is currently reducing production by 5.86 million barrels per day, or 5.7 percent of global demand, in a series of measures agreed from the end of 2022.
The group plans to increase production by 180,000 barrels a day, starting in December, as part of a gradual decline from the latest tranche of voluntary cuts over the next year.
The increase was suspended from October after prices fell.
Emirati Energy Minister Suhail Al Mazrouei said on Wednesday morning, hours before the OPEC Plus Joint Ministerial Monitoring Committee met online, that the OPEC Plus group is doing a “noble” job in achieving balance in the oil market. oil even though the majority of the oil market is there. was not realized.
Al Mazrouei, at an event in the Emirate of Fujairah, said: “OPEC Plus sacrificed more than others, but the decisive element is the alliance that remains united. “
He said: “I would like you to imagine a world without this organisation. “We will be in chaos.”
In addition, oil prices jumped more than 2.5 percent in Wednesday’s session, after Israel and the United States vowed to respond to Iran’s largest-ever direct attack on Israel by launching launched more than 180 ballistic missiles. The intensity of the conflict has increased rapidly with Israel sending more troops to Lebanon to fight the Iranian-backed Hezbollah group, and there are few signs that it is possible to calm down, which ‘ despite international appeals. This led to a rise in oil prices, as Brent crude futures rose $1.94, or 2.6 percent, to $75.5 a barrel. US West Texas Intermediate crude jumped $2.02, or 2.9 percent, to $71.85 by 12:56 GMT.
Both benchmarks jumped more than 5 percent on Tuesday, before closing trade up about 2.5 percent.
Iran said early Wednesday that its missile attack on Israel had ended, unless there were further provocations, while Israel and the United States vowed to respond to Tehran, amid growing fears of a wider war.
“This could include the destruction or damage of Iran’s oil resources,” said Tamas Varga, of oil brokerage firm BVM, according to Reuters.
Tehran said any Israeli response to the attack, which Israel said included more than 180 ballistic missiles, would be met with “widespread destruction”.
In a new escalation, the Israeli army said on Wednesday that infantry and military units joined ground operations against the Iran-backed Hezbollah group in southern Lebanon. Analysts at ANZ Bank said in a note that Iran’s oil output rose to its highest level in 6 years at 3.7 million barrels per day in August.
“); googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-3341368-4’); }); }
2024-10-02 16:20:24
#OPEC #production #policy #unchanged #emphasizes #importance #commitment
