Economy
OPEC+ Moves Next Meeting to November 30
By Adedapo Adesanya
“The 187th Meeting of the OPEC Conference, the 51st Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 36th OPEC and non-OPEC Ministerial Meeting (ONOMM), originally planned for 25 and 26 November 2023, have been rescheduled to Thursday, 30 November 2023,” the short statement reads.
The kingdom, Russia, and other members of OPEC+ have already pledged total oil output cuts of 5.16 million barrels per day, or about 5 per cent of daily global demand, in a series of steps that started in late 2022.
OPEC+, which pumps around 40 per cent of the world’s crude oil, already had in place cuts of 3.66 million barrels per day, amounting to 3.6 per cent of global demand, including 2 million barrels per day agreed last year and voluntary cuts of 1.66 million barrels per day agreed in April and extended to December 2024.
Due to its heavy lifting, Saudi Arabia has repeatedly stressed during previous meetings it wants to see strong compliance with cuts so all members share the burden of producing less.
At its last policy meeting in June, OPEC+ agreed on a broad deal to limit supply into 2024 and Saudi Arabia pledged a voluntary production cut for July of 1 million barrels per day that it has since extended to last until the end of 2023.
For Nigeria, it has shown recently it can surpass its new limits as the country pumped 1.416 million barrels a day last month or 36,000 barrels above the target for 2024.
