On April 5th, OPEC+major member countries reiterated the need to strictly comply with oil production quotas, after the organization unexpectedly announced an accelerated pace of production increase, leading to a sharp drop in crude oil prices. According to a statement released on the organization’s official website on Saturday, the OPEC+Joint Ministerial Monitoring Committee (JMMC) has noted that some member countries have not fully complied with production limits and have not further reduced production as promised to make up for excess production. These countries have been informed to submit compensation plans before April 15th. OPEC+announced last week that it will accelerate its production increase, which shocked the oil market. The representatives privately stated that this move aims to urge member states such as Kazakhstan and Iraq to strengthen discipline enforcement.
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