OPEC+ monitoring committee to assess oil markets during online meeting

The OPEC+ Joint Ministerial Monitoring Committee will convene in the format of a video conference on Thursday to assess the current situation on the global oil market, News.Az reports citing TASS. 

The next ministerial meeting of the alliance is due on June 1.

The meetings of the Joint Ministerial Monitoring Committee, which it holds every two months, usually assess the situation in the global market and define recommendations on the OPEC+ oil production policy. However, if needed, the committee can call for an OPEC+ general meeting at any time.

The latest meeting in this format was held on November 30, 2023, and coincided with an OPEC+ Ministerial Meeting.

During the meeting, a number of OPEC+ countries will voluntarily reduce oil production in the first quarter of 2024 by 2.2 million bpd.

Besides, the ministers decided not only to go on with of further oil production reduction policy, but to a new member to the alliance - Brazil. Its accession to the OPEC+ Cooperation Charter is expected from January 2024. At the same time, Angola announced its withdrawal from OPEC in December 2023 due to disagreements about its oil production quotas.


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