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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

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Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud arrives for an opec+ meeting in Vienna on Sunday. — Reuters

By WAM

Published: Sun 4 Jun 2023, 9:13 PM

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.”

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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.

WAM

Published: Sun 4 Jun 2023, 9:13 PM

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