A personal meeting took place in Riyadh on June 3, 2024, on the sidelines of the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM).
The meeting had the participation of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
To maintain stability in the market, the countries decided to increase in voluntary reduction from 1.65 million barrels by an agreement that ends on December 2025 while phasing out a 2.2 million barrels cut daily up to September 2025
The date is June 3, 2024, in Riyadh. A personal meeting took place in Riyadh on the sidelines of the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM). The participants included Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. This meeting took place in Riyadh on the margins of the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM). Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman were among the countries represented at the meeting. The other meeting attendees likewise declared additional voluntary reductions for April and November in 2023. Members of OPEC+ convened to reiterate their preventive measures aimed at improving the stability and equilibrium of the global oil market. The above countries have also agreed to extend the voluntary cut in addition to 1,650,000 barrels per day, announced in April 2023, until the end of December 2025.
The latest decisions were made by the 37th ONOMM. Thereafter, as shown in the attached table, we will progressively phase out the 2.2 million barrels per day cut each month until the end of September 2025 to maintain market stability.
These countries will also prolong the voluntary cuts of 2.2 million barrels per day, announced in November 2023, until the end of September 2024. The current market conditions may halt or even reverse this monthly increase. In the spirit of transparency and collaboration, the meeting welcomed the Republic of Iraq, the Russian Federation, and the Republic of Kazakhstan's pledges to achieve full conformity and resubmit their updated compensation schedules to the OPEC Secretariat for overproduced volumes since January 2024 by the end of June 2024, as agreed at the 52nd Meeting of the Joint Ministerial Monitoring Committee. The attached table provides an explanation of the production levels, including the return of the voluntary reduction quantities for November 2023 only, which will apply from October 2024 to September 2025.
