The Organization of Petroleum Exporting Countries (OPEC) through the Joint Ministerial Monitoring Committee (JMMC) has decided there will be no change to current crude oil production output.
The Committee made this known on Friday, August 4, 2023, at the end of its teleconference to review crude oil production data for the months of May and June 2023.
In a statement seen by BusinessDay, OPEC asked all participating countries to achieve full conformity and adhere to the compensation mechanism. Following the review, the Committee decided to maintain the status quo.
Also, the Committee said it would continue to closely assess market conditions and recognised Saudi Arabia for its efforts at supporting the stability of the oil market through the Kingdom’s voluntary cut of 1 million barrels per day, which was extended to the end of September, as of August 3.
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The OPEC committee also acknowledged Russia for its additional voluntary reduction of exports by 300,000 barrels per day for the month of September.
“The committee will continue to closely assess market conditions, noting the willingness of the Declaration of Cooperation countries to address market developments and stand ready to take additional measures at any time, building on the strong cohesion of OPEC and participating non-OPEC oil-producing countries,” the statement read.
