July 15, 2024
OIL MARKET: Russia, Saudi Arabia, Iraq emerge as top 3 producers under OPEC+ new arrangement
– By Alison_Godswill

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OIL MARKET: Russia, Saudi Arabia, Iraq emerge as top 3 producers under OPEC+ new arrangement

By Eyo Nsima

The Organization of Petroleum Exporting Countries, OPEC, and its allies, popularly known as OPEC+, would depend on three – Russia, Saudi Arabia, and Iraq – to meet a greater percentage of global demand.
The three nations would supply more than 26 million barrels per day, mb/d, showing over 50 percent of the total expected supply from November 2022.
Other nations under the Declaration of Cooperation, DoC, including Algeria, Angola, Equatorial Guinea, Gabon, Kuwait, Nigeria, United Arab Emirate, Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Sudan and South Sudan would produce between 72,000 BPD and 3million BPD.
In its statement obtained by The Daily, www.thedaily-ng.com, OPEC+, stated: “The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and non-OPEC Ministerial Meeting took place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022.
“In light of the uncertainty that surrounds the global economy and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021.

“Extend the duration of the Declaration of Cooperation until 31 December 2023. Adjust downward the overall production by 2 mb/d from the August 2022 required production levels, starting November 2022 for OPEC and non-OPEC Participating Countries as per the attached table.

“Reconfirm the baseline adjustment approved at the 19th OPEC and non-OPEC Ministerial Meeting.

“Adjust the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC).

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

“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 if necessary.

“Extend the compensation period to 31 March 2023. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.

“Reiterate the critical importance of adhering to full conformity. Hold the 34th OPEC and non-OPEC Ministerial Meeting on 4 December 2022.”

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