TEHRAN - OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, has decided to adjust the level of overall crude oil production to 40.46 million barrels per day (mb/d) in 2024.

The group which pumps around 40 percent of the world's crude oil, gathered on Sunday for their 35th meeting to decide on new steps for an output-limiting deal as the global market faces flagging oil prices and a looming supply glut.

Based on the final agreement reached in the 35th meeting, Saudi Arabia has decided to make deep production cuts in July. The kingdom’s Energy Minister Prince Abdulaziz said the cut of one mb/d by Riyadh could be extended beyond July if needed.

At the end of the meeting, the parties also decided to:

1 - Reaffirm the Framework of the Declaration of Cooperation (DOC), signed on 10 December 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on 2 July 2019.

2 - Reaffirm and extend the mandate of the Joint Ministerial Monitoring Committee (JMMC) and its membership, to closely review global oil market conditions, oil production levels, and the level of conformity with the DOC and this Statement, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC is to be held every two months.

3 - Hold the OPEC and Non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference.

4 - Grant the JMMC the authority to hold additional meetings, or to request an OPEC and Non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.

5 - Reaffirm that the DOC conformity is to be monitored considering crude oil production, based on the information from secondary sources, and according to the methodology applied for OPEC Member Countries.

6 - Reiterate the critical importance of adhering to full conformity, and subscribe to the concept of compensation by those countries who produce above the required production level as per the attached table, in addition to their already decided production levels.

7 - Hold the 36th OPEC and Non-OPEC Ministerial Meeting on Sunday 26 November 2023, in Vienna.

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