Saudi Arabia praised the countries inside and outside the Organization of the Petroleum Exporting Countries (OPEC) for their unity and commitment to the stability of the oil market through the “Declaration of Cooperation” signed in December, according to a cabinet statement
OPEC+ plans to hold a meeting of its Joint Ministerial Monitoring Committee (JMMC) in early February, though an exact date has not been decided
This trend implies that the group may encounter challenges in easing production cuts unless there is a significant acceleration in global oil demand or OPEC is willing to accept lower prices
OPEC said it remains cautiously optimistic about the fundamentals of the oil market for 2024 and blamed ‘exaggerated concerns’ about demand for the recent price drop, while sticking to its relatively high prediction of crude consumption for next year
The top Arab energy ministers of OPEC arrived in Doha to participate in the 12th Arab Energy Conference, as countries face off at the COP28 UN climate summit over a potential agreement to phase out fossil fuels gradually
OPEC’s oil production fell in November, marking the first monthly decline since July, according to a Reuters survey, due to lower shipments from Nigeria and Iraq amid ongoing cuts by Saudi Arabia and other members
The oil production cuts by OPEC+ can “absolutely” continue beyond the first quarter of 2024 if necessary, said Saudi Energy Minister, Prince Abdulaziz bin Salman
OPEC+ members reached an agreement to voluntarily cut their oil production by around 2.2 million barrels per day (bpd) at the beginning of next year, led by Saudi Arabia, which will extend its current voluntary reduction
Russian Deputy Prime Minister Alexander Novak said in an interview that there were no plans to create an international natural gas cartel similar to the Organization of the Petroleum Exporting Countries
Russia has not discussed with the OPEC+ group of leading oil producers a possible crude oil supply increase to compensate for Russia’s fuel exports ban, the Kremlin said
