OPEC+ Committee Says Committed To Current Oil Output Policy

VIENNA, Aug 2 (Bernama-Xinhua) -- The Joint Ministerial Monitoring Committee (JMMC) of OPEC+, the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, on Thursday confirmed the oil-producer group's commitment to its current output policy, reported Xinhua.

The JMMC said in a statement following its meeting earlier that day that it reviewed the crude production data for May and June and noted the "high overall conformity" for the OPEC+ countries.

The committee also noted the assurance from Iraq, Kazakhstan and Russia during the meeting to achieve full conformity to the current production policy. Last week, OPEC Secretariat said it had received compensation plans from the three countries for their overproduced oil volumes in the first half of 2024.

In June, an OPEC+ ministerial meeting decided to extend its current output cuts at least into the third quarter of this year. Eight OPEC+ countries also announced at the meeting the extension of their voluntary output cuts of 2.2 million barrels per day to the end of September this year, which will be gradually phased out every month until the end of September 2025.

At Thursday's meeting, the eight countries reiterated that "the gradual phase-out of the voluntary reduction of oil production could be paused or reversed, depending on prevailing market conditions," according to the JMMC statement.

The JMMC comprises oil ministers from the OPEC+ countries. It has no decision-making power but provides policy recommendations for the OPEC+ ministerial meeting, the group's decision-making body. It also has the authority to convene additional committee meetings or to request OPEC+ ministerial meetings, according to OPEC.

The next JMMC meeting is scheduled for Oct 2.

-- BERNAMA-XINHUA