Iraq reiterates adherence to global oil market stability
Baghdad (IraqiNews.com) – Iraq and seven OPEC+ member states, which previously announced more voluntary adjustments in April and November 2023, convened virtually on Monday to assess the state of the global market and its prospects.
The seven countries are Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, according to a press release by OPEC.
They reiterated their decision, reached on December 5, 2024, to move forward with a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments beginning on April 1, 2025, while remaining flexible to changing circumstances, in light of the optimistic market outlook.
This progressive growth may be halted or reversed, depending on the market conditions. This flexibility will allow the group to continue supporting the stability of the oil market.
In addition, all eight countries reaffirmed their shared commitment to fully complying with the additional voluntary production adjustments as decided upon at the 53rd Joint Ministerial Monitoring Committee (JMMC) meeting on April 3, 2024.
They also reaffirmed their commitment to fully compensate for any overproduced volumes since January 2024 in line with the compensation plans submitted to the OPEC Secretariat, guaranteeing that all compensations will be finished by June 2026.
The countries with overproduced volumes have additionally decided to advance their compensation plans to cover more of the overproduced volumes in the early months of the compensation period.
By March 17, 2025, they will provide their revised compensation schedules to the OPEC Secretariat, which will be made public.
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