24 May 2024 14:31

OPEC, OPEC+ respective ministerial meetings to be held online on June 2

MOSCOW. May 24 (Interfax) - OPEC plans to hold its 188th meeting, the 54th meeting of the Joint Ministerial Monitoring Committee (JMMC), and the 37th OPEC+ ministerial meeting via videoconference on June 2, the organization said.

OPEC+ countries plan to evaluate the alliance's current policies. International Energy Agency data indicate that these countries produced 34.48 million barrels of oil per day in April, though they should have extracted 33.97 million bpd under the terms and conditions of the agreement, accounting for all voluntary reductions among the member countries.

Consequently, 510,000 bpd were produced in excess of the plan in April against a reduction of 170,000 bpd in oil output in March among the countries in the bloc. IEA analysts see the need for the alliance to boost production by 670,000 bpd compared to April's levels to 42.1 million bpd in the second half of the year. The latter figure accounts for Mexico, Iran, Libya, and Venezuela, whose volumes are outside the scope of the OPEC+ deal.

Russia's Energy Ministry has reported that the country's oil output slightly exceeded the established plan as part of OPEC+ in April, and that the country is ready going forward to compensate for exceeding the quotas.