OPEC and its allies have agreed to reduce production targets between January and December 2024 by 1.4 million barrels per day (bpd), bringing total production to 40.463 million bpd. Saudi Arabia announced a production cut of one million bpd, while other members extended earlier cuts until the end of the year. OPEC+ aims to achieve and sustain a stable oil market and adjust overall crude oil production to 40.46 mb/d from January 1 to December 2024. The OPEC and non-OPEC Ministerial Meeting reaffirmed the Joint Ministerial Monitoring Committee's mandate to review global oil market conditions, production levels, and conformity. The meeting emphasized the importance of adhering to full conformity and compensating countries producing above the required production level. The 36th OPEC and non-OPEC Ministerial Meeting is scheduled for November 26, 2023 in Vienna.
Index to Nigerian Newspapers
