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OPEC+ Group ratifies bet on oil market’s stability

Vienna, Apr 4 (Prensa Latina) The Organization of Petroleum Exporting Countries and its allies, the so-called OPEC+, ratified their will to contribute to the stability of the global energy market and kept the productive commitments of the bloc without modification.

The assessments came from the OPEC+ Joint Ministerial Monitoring Committee (JMMC), which met on Wednesday via video conference.

According to the JMMC, for the time being, there will be no changes in the pumping levels of the 19 countries committed to the supply cuts adopted in 2022 and 2023. Moreover, the additional and voluntary reductions announced by several member states will continue until the end of June.

In this regard, the collegiate body welcomed Russia’s decision to reduce domestic oil production in the second quarter of 2024, instead of modifying its participation in the group’s export plans.

“The Committee welcomed the Russian Federation’s announcement that its voluntary adjustments in the second quarter of 2024 will be based on production rather than exports,” the statement added.

The next JMMC meeting is scheduled for June 1, 2024, the body announced.