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The OPEC+ alliance maintains the policy of reducing oil production unchanged

AA / Istanbul / Mohammad Khabisa

The OPEC+ alliance announced on Wednesday that its current policy of cutting oil production will remain unchanged in order to maintain the stability of global crude oil supplies.

The alliance said in a press release issued by OPEC that it will maintain the current policy of oil production cuts, which will continue from November 2022, except for voluntary cuts by certain countries, which will begin in July 2023.

The OPEC+ Ministerial Committee said in the same statement that it reviewed crude oil production data for January and February 2024 and noted the “high” commitment of OPEC and non-OPEC countries in terms of production volumes.

The mandatory crude oil cuts by OPEC+ members amount to about 3.66 million barrels per day and are expected to continue until the end of this year. As for the volume of voluntary cuts, it is 2.2 million barrels per day and should last until next June.

The Ministerial Committee welcomed the commitment of Iraq and Kazakhstan to fully meet and compensate for the production surplus, as well as the decision announced by Russia for a voluntary adjustment in the second quarter of 2024 based on production and not exports.

Member countries with excess oil production in the months of January, February and March 2024 will submit detailed compensation plans to the OPEC Secretariat by April 30.

The next meeting of the OPEC+ alliance is scheduled for June 1.

* Translated from Arabic by Munir Benuri.

Source: AA

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