Latest news with #DeclarationOfCooperation
Trade Arabia
3 days ago
- Business
- Trade Arabia
OPEC+ nations agree production adjustment of 411,000 bpd in July
The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually today (May 31) to review global market conditions and outlook. In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025, the eight participating countries will implement a production adjustment of 411,000 barrels per day in July 2025 from June 2025 required production level. Equivalent to three monthly increments, the gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3rd 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 6 July 2025 to decide on August production levels.
Arabian Business
3 days ago
- Business
- Arabian Business
OPEC+ countries announce oil production increase
OPEC+ countries have announced a significant increase to oil production levels in July. The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023 met virtually on May 31 to review global market conditions and outlook. The countries are: Saudi Arabia Russia Iraq UAE Kuwait Kazakhstan Algeria Oman OPEC+ oil production boost In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 411,000 barrels per day in July 2025 from June 2025 required production level. This is equivalent to three monthly increments as detailed in the table below. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3, 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
Times of Oman
5 days ago
- Business
- Times of Oman
Opec+ agree to establish mechanism setting production baselines
London: The Opec+ alliance, in its 39th ministerial meeting, agreed to establish a mechanism to assess maximum sustainable production capacity, which will serve as a reference for production levels in the year 2027, while maintaining current production levels through the end of December 2026. Opec+ has been discussing new baseline production levels for years. These baselines are used by each member to determine any adjustments in output, either increases or cuts. In a statement following the meeting, the alliance said that the Opec Secretariat has been tasked with developing a mechanism to evaluate the maximum sustainable production capacity for participating countries. This assessment will be used as the basis for determining 2027 production levels for all nations party to the Declaration of Cooperation, signed on 10 December 2016, which has consistently been reaffirmed as the methodology for regulating output and enhancing market stability. The meeting also decided to maintain the total crude oil production level for both Opec members and non-Opec producers participating in the Declaration of Cooperation until 31 December 2026.
