OPEC to hold first meeting in 2024 in early February

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, is set to hold its premiere Joint Ministerial Monitoring Committee (JMMC) of the year 2024 in early February. Although the exact date has not been decided, three sources from the alliance said.

Periodically, OPEC and its allies usually hold such meetings every two months to monitor the implementation of its production agreements.

The petroleum monitoring and regulating organisation brings together leading countries within the alliance, including Saudi Arabia, Russia and the United Arab Emirates (UAE).

At its last full ministerial meeting on November 30, OPEC agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) during the current quarter, led by Saudi Arabia rolling over its current voluntary cut.

The February meeting is expected to evaluate and access the deal’s implementation in January.

OPEC was recently in the news after its strategic member, Angola, quit the organization because it feels the organization focused largely on the membership status of OPEC rather than serving the business interests of group. Should Angola leave OPEC with effect from January 2024, as announced, the country will be the third after Ecuador, which exited in 2020 and Qatar in 2019.

Several reports indicated that Angola is bidding goodbye to the organization after serious clashes with Saudi Arabia.

Reports pointed to the fact that Saudi Arabia has largely failed to keep abreast of significant corporate, financial and political developments around the world.

EAN/OGB

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