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Opec+ cuts oil output to 40.46 million barrels per day throughout 2024
Statement made after the 35th meeting of the group in Vienna
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud arrives for an opec+ meeting in Vienna on Sunday. — Reuters
Opec+ has decided to adjust the level of overall crude oil production to 40.46 million barrels per day (bpd), starting 1 January 2024 until 31 December 2024.
This was announced by the global organisation in a statement following the 35th Opec and non-Opec Ministerial Meeting in Vienna on Sunday.
According to the statement, Opec and non-Opec participating countries in the Declaration of Cooperation, the participating countries decided to “adjust the level of overall crude oil production for Opec and non-Opec Participating Countries in the DoC to 40.46 million bpd, starting 1 January 2024 until 31 December 2024.”
As per the statement the Joint Ministerial Monitoring Committee (JMMC) has been granted the authority to hold additional meetings, or to request an Opec and non-Opec Ministerial Meeting at any time to address market developments, whenever deemed necessary.
It has been decided to hold the 36th Opec and non-Opec Ministerial Meeting on November 26 in Vienna.
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