Oil & Gas

The OPEC+ group has decided that there is no need for a change in the next Joint Ministerial Monitoring Committee (JMMC) meeting. Currently, OPEC+ members have collectively agreed to cut 2.2 million barrels per day (bpd) from the group’s production this quarter. However, recent production estimates for February reveal that some members, particularly Iraq and Kazakhstan, are still overproducing above their quotas.

Delegates and commodity analyst Giovanni Staunovo reported that OPEC and the broader OPEC+ group do not foresee any necessary changes to the current oil production policy. This decision comes despite ongoing overproduction concerns, especially from Iraq and Kazakhstan, which have continued to exceed their quotas.

The commitment to production cuts remains firm, with Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman, and Russia all reducing their crude oil production and exports in the first half of 2024. These reductions are in addition to the voluntary cuts OPEC+ previously announced, which were extended until the end of 2024.