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OPEC production reduction agreement timeline OPEC production reduction baseline

June 2023 OPEC+ Agreement

At the 35th ministerial meeting held in early June, OPEC+ reached a production reduction agreement after intense negotiations. The joint statement issued after the meeting indicated that OPEC and non-OPEC oil-producing countries agreed to extend the existing production reduction agreement until the end of 2023. It was decided that from January 2024 to December 2024, daily crude oil production would be reduced by approximately 1.4 million barrels to 40.463 million barrels.

If the reduction is based on November's production levels, it might not have a significant impact next year. Reduction based on September levels might achieve the desired scale of reduction. Regarding the reduction timeline, once the agreement is reached, oil-producing nations are not expected to immediately implement production cuts. Some oil-producing nations referred to a significant reduction.

As of Friday, OPEC+ had not reached a consensus on production policy, as the UAE insisted on a higher baseline production for calculating reductions. Most OPEC+ member nations supported increasing supply and gradually restoring production by 400,000 barrels per month from August 2021 to September 2022.

From the recently reached agreement, OPEC+ agreed to increase the UAE's new crude oil reduction baseline to 3.5 million barrels per day, while also raising Saudi Arabia and Russia's reduction baselines to 11.5 million barrels per day. With the resolution of short-term uncertainties due to the OPEC+ production increase agreement, the crude oil market is...

This meeting reached a compromise agreement, where OPEC+ alliance would resume steady production growth policy, and a new production baseline would be adopted after the current production reduction agreement expires in April 2022. This new baseline would provide bearish pressure on the oil market, and on July 19, oil prices fluctuated downwards...

An OPEC representative mentioned that discussions were ongoing to reduce production by 15-17%, but Saudi Arabia and Russia had yet to agree on the production baseline reduction. U.S. Energy Secretary Brouillette expressed optimism about OPEC+ reaching an agreement to stabilize the oil market. The U.S. Energy Secretary...

Analysts from CITIC Futures pointed out several considerations for investors regarding the OPEC+ production agreement. Firstly, except for Iran, Venezuela, and Libya, the current production baseline for the remaining ten OPEC nations is 26.88 million barrels per day. Secondly, in 2022...

The UAE opposed the proposal to extend the agreement to limit oil production beyond April 2022 unless allowed to have a higher production cut baseline. The UAE agreed that starting from August, OPEC+ should increase production by 400,000 barrels per day...

1. Saudi Energy Minister: Absolutely possible to extend OPEC+ production reduction measures beyond the first quarter of next year. 2. Reuters survey results showed OPEC's November oil production decreased by 90,000 barrels per day to 27.81 million barrels per day, the first decline since July. 3. Kremlin...

With the implementation of OPEC's production reduction agreement, OPEC's production share in 202...