OPEC+ Monitoring Committee suggests no change of output quotas

MOSCOW, Aug 4 (PRIME) -- The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ alliance has made no recommendation on a quota change for oil production at a meeting on Friday, according to a communique released after the event.

"The committee reaffirmed the commitment of its member countries to the Declaration of Cooperation (DoC) which extends to the end of 2024 as agreed in the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) on 4th of June 2023," the statement read.

The committee also reviewed the crude production figures for May and June.

According to the statement, both Saudi Arabia and Russia prolonged the voluntary output cuts for September with Russia's one amounting to 300,000 barrels per day.

The frequency of the meetings will change to bimonthly from monthly, the committee said.

Deputy Prime Minister Alexander Novak said in an interview with Rossiya 24 television channel that Russia still maintains its oil output at around 9.5 million barrels per day to adhere to the voluntary reduction of production by 500,000 barrels per day announced in March.

Russia is fully committed to the OPEC+ agreements, he added.

Novak also said that the OPEC+ alliance continues to monitor the oil market situation. There is still some uncertainty on the global market, but it is generally stable and the quotations are at an acceptable level.

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