RUSSIA, February 1 - Deputy Prime Minister Alexander Novak co-chaired the 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC+.

The Committee reviewed the crude oil production data in November and December 2023 and noted that the terms of the deal were largely met.

“The implementation of the agreement exceeded 100 percent of the voluntary commitments assumed by the participants of the alliance. In addition, the ministers declared their commitment to the agreements reached in November 2023 on the quotas for the first quarter of 2024. We will continue monitoring the situation during this time. If need be, we will make decisions that will positively affect the market,” Mr Novak said.

The OPEC+ participants have stabilised the market situation and reached supply and demand balance through concerted effort. Mr Novak noted that the market is negatively affected by such factors as the conflict in the Middle East, the deteriorating situation in the Red Sea and the decline in the development of some of the biggest economies, including Europe.

He recalled that in 2023, demand for oil increased by 2.6 million barrels per day as compared to 2022. Voluntary reductions in oil output by the participating countries amount to 1.7 million barrels per day in the first quarter of 2024. Russia will also reduce its oil exports voluntarily by 500,000 barrels per day in the first three months of the current year. So, under the current agreement, the market will receive 2.2 million barrels less per day.

The next, 53^rd JMMC is scheduled to take place on 3 April, 2024.