OPEC+ panel reiterates call for adherence to production quotas
In a statement released Monday, the committee emphasized the importance of meeting output targets and requested that noncompliant nations provide the OPEC Secretariat with updated compensation plans by August 18.
During its 61st meeting, which took place via videoconference, the JMMC reviewed the crude oil production data for the months of May and June 2025 and noted the overall conformity for OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC), also known as OPEC+.
The committee's meeting comes ahead of a separate meeting of eight members of the alliance next Sunday to decide on a potential increase in oil production in September.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Saudi Gazette
an hour ago
- Saudi Gazette
OPEC+ to boost oil output by 547,000 bpd in September
Saudi Gazette report RIYADH — Eight OPEC+ countries — Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman — will raise collective oil production by 547,000 barrels per day in September 2025, the group announced after a virtual meeting on Sunday. The increase is part of a phased rollback of 2.2 million bpd in additional voluntary cuts introduced in April and November 2023, under a plan agreed on Dec. 5, 2024, to gradually and flexibly restore output starting April 1, 2025. The September boost, equivalent to four monthly increments, will be based on the August 2025 required production level. OPEC+ said the pace of restoring production could be paused or reversed if market conditions change, allowing the alliance to maintain stability in global oil markets. The group noted that the move will also allow participating countries to accelerate compensation for past eight producers reaffirmed their commitment to the Declaration of Cooperation and to compensating for any excess output since January will continue holding monthly meetings to review market conditions, conformity, and compensation, with the next session scheduled for Sept. 7, 2025.
Arab News
an hour ago
- Arab News
OPEC+ to raise oil output by 547,000 bpd in September
RIYADH: The OPEC+ alliance has agreed to increase oil production by 547,000 barrels per day in September, citing improved global economic prospects and stable market fundamentals. In a statement issued on Sunday, the group emphasized its continued flexibility, noting that the gradual phase-out of voluntary production cuts could be paused or reversed depending on evolving market conditions. This approach, it said, ensures the alliance's ability to respond swiftly and maintain balance in global oil markets. The decision marks the final stage of a phased reversal of the 2.2 million bpd voluntary production cuts implemented by eight OPEC+ members in 2023, a move initially aimed at stabilizing prices amid economic uncertainty. 'The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation,' the statement read. The producers also reaffirmed their commitment to full compliance with the group's Declaration of Cooperation, and said that the Joint Ministerial Monitoring Committee would continue to supervise the voluntary adjustments, as agreed during its 53rd meeting on April 3, 2024. The alliance had earlier approved smaller monthly increases—138,000 bpd in April, and 411,000 bpd each for May, June and July. In July, it announced a larger-than-expected increase of 548,000 bpd for August. The latest hike will bring Saudi Arabia's output to 9.97 million barrels per day in September. Russia is set to produce 9.44 million bpd, Iraq 4.22 million, and the UAE 3.37 million. Production levels for Kuwait, Kazakhstan, Algeria, and Oman are projected at 2.54 million, 1.55 million, 959,000 and 801,000 bpd, respectively. OPEC+ also said it would continue holding monthly meetings to review market conditions, compliance, and compensation, with the next gathering scheduled for Sept. 7. In a speech at the St. Petersburg International Economic Forum in June, Saudi Energy Minister Prince Abdulaziz bin Salman described OPEC+ as the 'central bank' of the global oil market, highlighting the alliance's stabilizing role amid ongoing economic volatility.
Al Arabiya
2 hours ago
- Al Arabiya
OPEC+ agrees to 547,000 bpd oil output hike for September
Eight OPEC+ countries meeting on Sunday have agreed to raise oil output in September by 547,000 barrels per day, according to a statement. Developing
