OPEC+ Agrees To Adjust Overall Oil Production Level To 40.46Mln B/D From 2024

MOSCOW (UrduPoint News / Sputnik - 04th June, 2023) The world's major petroleum exporting countries making up OPEC+ agreed at a meeting in Vienna on Sunday to adjust the overall oil production level to 40.463 million barrels per day throughout 2024.

"The Participating Countries decided to... (a)djust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the (Declaration of Cooperation) to 40.46 mb/d, starting 1 January 2024 until 31 December 2024," they said in a joint statement.

The change is in line with the continued commitment of OPEC and non-OPEC partners, led by Russia, "to achieve and sustain a stable oil market, and to provide long-term guidance for the market," which takes into account the successful proactive and preemptive approach of the previous years, they said.

Under the revised commitments, Saudi Arabia will maintain its crude production at 10.

478 million barrels per day, while Russia will slash its daily output by 650,000 barrels to 9.828 million barrels starting January 2024, according to a table published by OPEC.

"This level was the required production level for the month of February 2023, as assessed by the average of the secondary sources, and is subject to revision by June 2023 as the country (Russia) is currently working with the secondary sources to update production figures," the footnote read.

OPEC+ will hold its next OPEC and non-OPEC Ministerial Meeting in Vienna on November 26.

The 10-nation OPEC set the daily production target for next year at a total 24.994 million barrels, while that of non-OPEC partners was fixed at 15.469 million barrels. Sputnik estimates that the revised OPEC+ commitments will take 1.393 million barrels off the market in 2024.