July 19, 2024
OIL MARKET: Prices hit $86.55 per barrel on OPEC meeting
OIL MARKET: Prices hit $86.55 per barrel on OPEC meeting
– By Alison Godswill

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OIL MARKET: Prices hit $86.55 per barrel on OPEC meeting

By Eyo Nsima

The prices of crude oil have risen to more than $86.55 per barrel, from $82 per barrel, due mainly to the resolutions of the just-concluded meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries; OPEC.

The decisions of the JMMC, which ended its meeting in Vienna, Austria, culminated in oil prices increasing to present level, the highest since June 2023.

In its statement obtained by The Daily, www.thedaily-ng.com, OPEC, stated: “The 49th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Friday, 04 August 2023.

“The JMMC reviewed the crude oil production data for the months of May and June 2023 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC). The committee urged all participating countries to achieve full conformity and adhere to the compensation mechanism.

“The committee reaffirmed the commitment of its member countries to the DoC which extends to the end of 2024 as agreed in the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) on 4th of June 2023. It also noted to adjust of the frequency of the monthly meetings to become every two months for the JMMC and the authority of the JMMC to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting as agreed on in the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022.

“The committee will continue to closely assess market conditions noting the willingness of the DoC countries to address market developments and stand ready to take additional measures at any time, building on the strong cohesion of OPEC and participating non-OPEC oil-producing countries.

“The committee also expressed its full recognition and support for the efforts of the Kingdom of Saudi Arabia aimed at supporting the stability of the oil market and reiterated its appreciation for the Kingdom’s additional voluntary cut of 1 million barrels per day and for extending it for the month of September. The committee also acknowledged the Russian Federation for its additional voluntary reduction of exports by 300 kbd for the month of September. The next meeting of the JMMC (50th) is scheduled for 04 October 2023.”

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