The Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani affirmed Iraq's commitment to the (OPEC +) agreement and the extension of the voluntary cut decision that was approved last April for the year 2023. This came during the press conference that followed the conclusion of the (OPEC +) ministerial meeting in the Austrian capital, Vienna.
Abdul-Ghani said in a statement today, "It is in line with (OPEC +) policy to maintain the balance and stability of global markets, it confirms Iraq's commitment to the voluntary reduction decision (211) thousand barrels that was approved last April 2023 and its extension to the end of 2024.
The Minister of Oil had participated, over the course of Saturday and Sunday, in the work of the Ministerial Conference (186) of OPEC, the work of the forty-ninth meeting (49) of the Joint Ministerial Monitoring Committee JMMC, and the thirty-fifth ministerial meeting (35) of OPEC countries and their allies outside OPEC.
(OPEC +) issued a statement announcing that it had agreed on a new level of oil production at 40.46 million barrels per day, starting from 2024.
The statement stated that the “OPEC +” group: “Adjusting the level of total oil production for the member states of “OPEC” and non-member countries of “OPEC” to 40.46 million barrels per day, from January 1, 2024 to December 31, 2024.
The statement added, “OPEC + is already working to reduce production by two million barrels per day until the end of 2023 to 41.856 million barrels per day. Thus, the cuts in the new year will reach 1.396 million barrels per day.”
The statement continued: "Russia must adjust the volume of oil production at 9.828 million barrels per day, starting in 2024."
Saudi Energy Minister Prince Abdulaziz bin Salman announced that the kingdom will continue to voluntarily reduce its oil production until the end of 2024.
The statement stressed that all previously agreed production limits for the current year remain in effect, and the target level for 2024 will be 1.393 million barrels per day lower and will reach 40.463 million barrels.
He stressed that the target production levels (for Russia and Saudi Arabia) for the current year are the same, 10.478 million barrels per day, and next year Russia’s share will decrease to 9.828 million.
The statement pointed out that these levels do not take into account voluntary production cuts, and taking them into account in practice, at least this year, starting in July, the production of the two countries will be approximately equal to about 9 million barrels per day.
Saudi Arabia announced that it will deepen the voluntary production cut by one million compared to July.
The statement indicated that the “OPEC +” group took the decision to adjust the volume of oil production to maintain the stability of the oil market and establish a long-term ability to predict its movement.
The statement noted that the next meeting of heads of "OPEC +" delegations will be held on November 26 in Vienna.
Source: National Iraqi News Agency