The first centre will bring together academic researchers and practitioners from the private sector to develop and share best practices in responsible AI
business1 day ago
OPEC+ countries, which previously announced additional voluntary cuts in April and November 2023, including the UAE, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, held a virtual meeting today, during which the eight member countries affirmed their collective determination to ensure full compliance with the voluntary production adjustments.
The group includes Iraq and Kazakhstan, which have overproduced since January 2024, but have strongly confirmed their commitment to the agreement and compensation schedules submitted to the OPEC Secretariat as agreed at the 53rd JMMC meeting on 3 April 2024.
In August 2024, Saudi Arabia, Russia, the UAE, Kuwait, Algeria and Oman held ministerial discussions with Iraq and Kazakhstan, urging the two countries to achieve full compliance and compensate for overproduction since January 2024.
Iraq and Kazakhstan pledged to engage with secondary sources to determine their plans for production adjustments to achieve compliance and meet the compensation schedules they submitted to the OPEC Secretariat on August 22.
Iraq and Kazakhstan reinforced their commitment during visits by the OPEC Secretary General in late August, conducted in coordination with the Saudi Energy Minister and the Chair of OPEC and non-OPEC Ministerial Meetings. During those visits, the OPEC Secretariat organized workshops with secondary sources where both countries provided extensive details on the immediate and concrete measures they are implementing to achieve full compliance with their required production levels and meet their compensation schedules for August and September.
These measures included enhancing field maintenance plans and reducing production, in addition to delaying and cancelling spot sales for August.
Moreover, the two countries committed to adjusting plans to compensate for any excess production in August.
In recognition of this renewed commitment, the eight participating countries agreed to extend the additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024. After this these cuts will be phased out on a monthly basis from 1 December 2024, with the flexibility to pause or reverse the adjustments as necessary.
The excess producing countries also reaffirmed their commitment to compensate for the full volume of excess production by September 2025.
ALSO READ:
The first centre will bring together academic researchers and practitioners from the private sector to develop and share best practices in responsible AI
business1 day ago
The UAE has already signed CEPA with major trading partners such as India, Israel, Chile, Colombia, Turkey, Indonesia, Georgia and Cambodia
business1 day ago
New developments hold key to the future of work, expert says
business1 day ago
A year-on-year (YoY) increase of 20.2 per cent, or Dh135 billion, was recorded
business1 day ago
Course offers training in English language, interviewing skills, resume writing, and job search tips
business2 days ago
One of the key areas of focus under the MoU is marketing and promotion
business2 days ago
Sector increasingly intertwined with high-value investments
business2 days ago
Policyholders can get coverage limits of Dh25,000 or Dh50,000 for a 12-month term
business2 days ago