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Monday, April 08, 2024

Saudi Arabia-OPEC+: Plans for upcoming oil quotasnote

During the 53rd joint ministerial monitoring committee (JMMC) virtual meeting between OPEC+ members on 3/4/2024, oil policies remained unchanged and oil cuts were extended to at least the first half of the year.

Saudi Minister of Energy Prince Abdulaziz Bin Salman (ABS) also revised some members’ compliance with oil output quotas, and shared his plan for the upcoming year.

This note highlights the following key aspects:

- OPEC+ output plan

- OPEC+ reaction towards $90 per barrel oil price

- ABS views on cartel members’ conformity with quotas

- The effects of attacks on Russian refineries and Red Sea tensions on oil cuts

The note also sheds light on how and when oil production cuts might be eased.


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