OPEC Meetings
OPEC nations represent around 40% of the world's oil supply and are unified in their oil production levels. With so much control over oil's supply-side, shifts in their production levels can have a significant impact on oil prices;
OPEC meetings are usually held in Vienna and are attended by representatives from 12 oil-rich nations. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce. The meetings are closed to the press but officials usually talk with reporters throughout the day, and a formal statement covering policy shifts and meeting objectives is released after the meetings have concluded;
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- OPEC Meetings News
- From @NourHammoury|Jun 2, 2024|2 comments
post: *OPEC+ AGREES TO EXTEND GROUP-WIDE AND VOLUNTARY CUTS: DELEGATES post: No objections by any member states to the extension of the group cuts to the 3rd quarter of 2025 (the cut amounts to around 2.2 million bpd) #OOTT #Opec post: under this agreement the UAE will be getting a higher baseline #OOTT #Opec 37th OPEC and non-OPEC Ministerial Meeting In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, and to provide long-term guidance and transparency for the market, and in line with the approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to: 1. Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on 2 July 2019. Extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as per the attached table starting 1 January 2025 until 31 December 2025. Extend the assessment period by the three independent sources to the end of November 2025, to be used as guidance for 2026 reference production levels. Reaffirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC meeting is to be held every two months. Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference. Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary. Reaffirm that the DoC conformity is to be monitored considering crude oil production, using the average of the approved seven secondary sources, and according to the methodology applied for OPEC Member Countries. Reiterate the critical importance of adhering to full conformity and compensation mechanism.Production table - 37th ONOMM table Notes: (1) UAE required production has been increased by 300 kbd. This increase will be phased in gradually starting January 2025 until the end of September 2025. (2) The required production level is before applying any additional production adjustments.
- From bnnbloomberg.ca|Jun 2, 2024
OPEC+ has the outline of a deal to extend a crucial tranche of its oil supply cuts into the second half of the year, delegates said, as the group continues its efforts to avert a global surplus and shore up prices. The so-called “voluntary” cuts from key members including Saudi Arabia and Russia total roughly 2 million barrels a day and are set to expire at the end of June. Those curbs come in addition to a group-wide agreement capping total crude output at about 39 million barrels a day, which the alliance is also discussing ...
- From @DBNewswire|May 30, 2024|1 comment
post: OPEC+ DISCUSSING EXTENDING SOME OIL OUTPUT CUTS EXPIRING IN 2024 INTO 2025 - THREE SOURCES OPEC+ EXTENSION OF SOME CUTS INTO 2025 WILL LIKELY COME ON TOP OF VOLUNTARY CUTS EXTENSION INTO Q3-Q4 OF 2024 – THREE SOURCES
- From forexlive.com|May 30, 2024|1 comment
That could significantly tighten the market. OPEC is discussing continuing the 2.2 million barrels per day voluntary cut through year end, according to three sources cited by Reuters. Oil prices are perking up on the report. Extending through year end is one option, with another option extending the cuts through Q3. Two sources also said they wouldn't rule out a deeper cut or releasing oil back into the market if demand rises. OPEC is currently holding back 5.86 mbpd, including a 2.2 mbpd voluntary cut. Even if US producers stay ...
- From @DeItaone|Jul 5, 2023
post at 11:04am: KUWAIT WILL SEEK INCREASE IN ITS OPEC+ QUOTA: ARABIYA post at 11:06am: KUWAIT OIL MINISTER SAYS HOPES TO HAVE HIGHER PRODUCTION QUOTA AS COUNTRY RAMPS UP CAPACITY, WILL ABIDE BY OPEC DECISIONS - AL ARABIYA TV
- From cnbc.com|Jul 5, 2023|2 comments
The latest round of voluntary crude oil output cuts evidence the cooperation between heavyweight producers and allies Russia and Saudi Arabia, the kingdom’s Energy Minister Prince Abdulaziz bin Salman said on Wednesday. On Monday, Saudi Arabia said it would extend the 1-million-barrel-per-day production cut it had initially flagged for July into August, while Russia announced a 500,000 barrel-per-day decline in exports next month. This adds to the just over 1.66 million-barrels-per-day of voluntary drops that some members of the ...
- From @breakingmkts|Jun 29, 2022
post at 8:49am: OPEC MEETING ENDS WITHOUT MAKING ANY POLICY DECISIONS - DELEGATE
- From reuters.com|Jun 27, 2022
Producer group OPEC+ trimmed its projected 2022 oil market surplus to 1 million barrels per day (bpd), down from 1.4 million bpd previously, a report seen by Reuters showed. The report was prepared ahead of a meeting of the OPEC+ Joint Technical Committee scheduled to take place on Tuesday.
Released on Jun 2, 2024 |
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Released on Jul 5, 2023 |
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Released on Jun 29, 2022 |
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