OPEC+ member countries that produced above quota in the first quarter of 2024 have until April 30 to submit detailed compensation plans, OPEC said April 3 in a statement released following a meeting of the Joint Ministerial Monitoring Committee overseeing the alliance's output, APA reports citing S&P Global Commodity Insights.
Several major producers including Iraq, the UAE, Kuwait and Kazakhstan produced over quota in February. So far Iraq and Kazakhstan have announced their intentions to compensate for overproduction.
The two largest OPEC+ producers Russia and Saudi Arabia both produced within quota in February.
OPEC said, however, that the JMMC noted a high level of conformity to cuts in January and February and it will continue to monitor compliance.
Russia has agreed to transition from a voluntary oil supply cut to an oil production cut. This will bring Russian output in line with Saudi Arabia's by June.
OPEC said the JMMC welcomed Russia's Q2 plans.
OPEC said the JMMC will continue to closely assess market conditions and its next meeting will also take place June 1.
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