A significant OPEC+ advisory group remained silent on production policy on February 1, thereby maintaining the present output restrictions. Under the co-chair ship of Saudi Arabia and Russia, the Joint Ministerial Monitoring Committee declared that it would “continue to closely assess market conditions” and that the 22-member producer coalition was prepared to modify output levels as necessary.
The next meeting of the Joint Ministerial Committee (JMMC) is slated for April 3, which coincides with the expiration of the most recent round of output restrictions by OPEC+. On June 1, the whole OPEC+ coalition will convene in person in Vienna.
The OPEC+ production quotas are based on a sequence of overlapping output cuts that have been in place since October 2022. At their most recent meeting in November 2023, the group decided to implement voluntary cuts totaling about 2.2 million barrels per day by Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman through the end of March.
The quotas for all other members, which include lower allotments for Nigeria and the Congo, are fixed until the end of 2024. While not necessarily reducing output, Russia has consented to reduce its crude exports by 300,000 barrels per day.
