OPEC: The Decision Of Some Coalition Countries To Cut Production Is A Precautionary Measure To Support The Stability Of The Oil Market

Baghdad / NINA /- The ministerial (market monitoring) committee emanating from the (OPEC +) alliance described the decision of some coalition countries to cut production as a precautionary measure aimed at supporting the stability of the oil market.

At the conclusion of its meeting, which was held via video technology, the committee pointed out the voluntary adjustment of production announced by some coalition countries, yesterday evening, and which is scheduled to be implemented next May until the end of the year.

The committee added, in a statement, that the Kingdom of Saudi Arabia reduced its production to (500 thousand barrels per day), Iraq (211 thousand barrels per day) and the United Arab Emirates (144 thousand barrels per day), while Kuwait reduced its production to (128 thousand barrels per day) and Kazakhstan (78 thousand barrels per day), Algeria (48 thousand barrels per day), Oman (40 thousand barrels per day) and Gabon (eight thousand barrels per day).

It is scheduled that these cuts will be added to the production amendment that were determined at the 33rd ministerial meeting of the Organization (OPEC) and non-members.

The committee stated that these cuts will be added to the optional amendment announced by the Russian Federation, amounting to (500,000 barrels per day) until the end of this year, which will be from the average production levels, as estimated by secondary sources for the month of February.

It added that this matter will raise the total additional voluntary production adjustments by the aforementioned countries to (1.66 million barrels per day).

On the other hand, the committee reviewed crude oil production data for the months of January and February 2023 and noted the total conformity of the (OPEC) participating and non-member countries in the Declaration of Cooperation (DOC).

The members of the coalition reaffirmed their commitment to the conformity agreement, which extends until the end of 2023, as decided at the 33rd OPEC ministerial meeting, and non-members of the organization from October 2022, urging all participating countries to achieve full compliance and commitment to the compensation mechanism. / End