(April 2): Opec+ ministers plan to hold a call on Thursday to reiterate the need for all members to abide by their oil supply quotas, delegates said.
The group has just started a long-delayed process to revive halted output, with about 138,000 barrels a day of extra supplies hitting the market this month. Its de-facto leader Saudi Arabia has repeatedly stressed the importance of countries sticking to their agreed limits, although several have persistently pumped too much.
On Thursday’s call, key members will reaffirm the importance of abiding by quotas, and making extra curbs as compensation for earlier overproduction, said the delegates, who asked not be identified as the talks are private.
Kazakhstan has been a particular source of friction after it significantly exceeded its output ceiling during the startup of the expansion of its giant Tengiz oil field. Last month, Energy Minister Almassadam Satkaliyev promised to bring the country’s production back in line, although he has since stepped down to head a newly established Nuclear Energy Agency and been replaced by Yerlan Akkenzhenov.
The Organization of Petroleum Exporting Countries and its partners are also scheduled to hold on Saturday an online session of their Joint Ministerial Monitoring Committee, which oversees the production cuts. The group plans to add another tranche of supply to the market in May, and delegates have said they expect this hike will still go ahead. One delegate expected Thursday’s call to negate the need for the JMMC to be held on Saturday.
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