OPEC targets 40.46 mb/d crude oil production in 2024

OPEC targets 40.46 mb/d crude oil production in 2024By Ibiyemi Mathew

The Organisation of Petroleum Exporting Countries (OPEC) has said that it is targeting 40.46 mb/d crude oil production in 2024.

According to a press statement, OPEC said it will adjust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC to 40.46 mb/d, starting 1 January  2024 until 31 December 2024.

The organization states that this is in light of its continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, and to provide long-term guidance for the market, and in line with the successful approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation.

The organization revealed that participating countries have also decided to reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on 2 July 2019.

It added that it will hold the 36th OPEC and non-OPEC Ministerial Meeting on Sunday 26 November 2023, in Vienna.