OPEC+ JMMC to continue assessing market, ready to respond to market conditions; to meet on Oct 4

MOSCOW. Aug 4 (Interfax) - The OPEC+ Joint Ministerial Monitoring Committee (JMMC) has completed its regular meeting, and has scheduled the next meeting for October 4, OPEC said in a press release.

"The committee will continue to assess market conditions closely, noting the willingness of the DoC [Declaration of Cooperation] countries [member countries of the alliance] to address market developments, and stand ready to take additional measures at any time, building on the strong cohesion of OPEC and participating non-OPEC oil-producing countries," according to the press release.

The committee also expressed its full recognition and support for Saudi Arabia's efforts aimed at supporting the stability of the oil market, and the committee reiterated its appreciation for Saudi Arabia's additional voluntary cut of one million barrels per day, as well as for extending the cut for September. The committee also acknowledged Russia for its additional voluntary reduction in exports by 300,000 bpd for September, the JMMC said.

The committee reaffirmed the commitment of its member countries to the DoC which extends to the end of 2024 as agreed on June 4.

Thus, the committee did not recommend altering quotas for oil production.

Saudi Arabia said on Thursday, ahead of the meeting, that it would extend its voluntary cut in oil production by 1 million bpd into September and thus continue to produce 9 million bpd. Russia said it intended to extend its cut in oil supplies to the market in September, but less than in August. For August, Russia set a reduction in exports by 500,000 board of directors from an unspecified base, but in September the reduction will be 300,000 bpd.

OPEC+ ministers did not change the quotas for the current year at their last meeting in early June, but changed them for 2024. Voluntary production restrictions imposed by nine OPEC+ countries, including Russia, were also extended for the whole of 2024. In addition, Saudi Arabia further reduced its production by 1 million bpd for July, then for August, and now for September.

The price of oil has been trending upwards since the end of June, since when it has risen from $73/bbl. It is now holding above $83/bbl.