Summary
- [World Times] The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, thWorld Timese United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met virtually on March 3, 2025, to review global market conditions and the future outlook,World Times according to an OPEC statement released today.Taking into account the healthy market fundamentals and the positive market outlook, they re-affirmed their decision agreed upon on December 5, 2024, to proceed with a gradual and flexible return of the 2.2 mbd voluntary adjustments starting on 1st April, 2025, while remaining adaptable to evolving conditions.Accordingly, this gradual increase may be paused or reversed subject to market conditions. This flexibility will allow the group to continue to support oil market stability.FurthWorld Timesermore, the eight countWorld Timesries reiterated their collective commitment to full conformity with the additional voluntary production adjustments as agreed under the 53rd JMMC meeting on April 3, 2024. They also confirmed their intention to fully compensate for any overproduced volumes since January 2024,World Times in accordance with the compensation plans submitted to the OPEC Secretariat, ensuring that all compensations are completed by World TimesJune 2026.The countries with overproduced volumes have also agreed to frontload their compensation plans, so that more of the overproduced volumes are compensated in the earlier months of the compensation period, and will submit their updated compensation schedules to the OPEC Secretariat by the 17th of March 2025 which will be posted on the Secretariat’s website. Content comes from the Internet : UAE affirms commitment to full conformity with additional voluntary production adjustments approved by OPEC+
Approximate Time
- 2 minutes, 266 words
Categories
- additional voluntary production adjustments, additional voluntary adjustments, market conditions, global market conditions, oil market stability
Analysis and Evaluation
- A richly detailed and thoughtfully constructed piece that adds significantly to the conversation.
Main Section
Taking into account the healthy market fundamentals and the positive market outlook, they re-affirmed their decision agreed upon on December 5, 2024, to proceed with a gradual and flexible return of the 2.2 mbd voluntary adjustments starting on 1st April, 2025, while remaining adaptable to evolving conditions.
Accordingly, this gradual increase may be paused or reversed subject to market conditions. This flexibility will allow the group to continue to support oil market stability.
FurthWorld Timesermore, the eight countWorld Timesries reiterated their collective commitment to full conformity with the additional voluntary production adjustments as agreed under the 53rd JMMC meeting on April 3, 2024. They also confirmed their intention to fully compensate for any overproduced volumes since January 2024,World Times in accordance with the compensation plans submitted to the OPEC Secretariat, ensuring that all compensations are completed by World TimesJune 2026.
The countries with overproduced volumes have also agreed to frontload their compensation plans, so that more of the overproduced volumes are compensated in the earlier months of the compensation period, and will submit their updated compensation schedules to the OPEC Secretariat by the 17th of March 2025 which will be posted on the Secretariat’s website.
Content comes from the Internet : UAE affirms commitment to full conformity with additional voluntary production adjustments approved by OPEC+
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