The scheduled 57th JMMC (Joint Ministerial Monitoring Committee) and the 38th ONOMM (OPEC and non-OPEC Ministerial Meeting) for December 2, 2024, has been rescheduled to Thursday, December 5, 2024, via videoconference due to several Ministers attending the 45th Gulf Summit in Kuwait City.
Expected discussions on the table for the Ministerial videoconference is the 2.2 million barrels per day of voluntary production cuts made by Saudi Arabia, Russia, Iraq, Kazakhstan, United Arab Emirates, Kuwait, Algeria and Oman also known by the moniker the OPEC-Eight.
November 3 OPEC+ decided to postpone the gradual release of 2.2 million bpd, from December to January. The planned release of additional barrels is 180 000 bpd over a twelve-month period with options to pause the unwinding depending on market outlook. The OPEC+ group are currently holding back 5.7 percent of global oil demand with their almost 6 million bpd production cuts.
Another topic for discussion is United Arab Emirates increased oil production capacity and their oil output hike of 300 000 bpd agreed upon in June this year, which is scheduled to hit the markets in January 2025.
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