OPEC highlights commitment to oil market production and evaluation

Published at: 02/08/2024 09:28 PM

This week, the Joint Ministerial Monitoring Committee (JMMC) reviewed crude oil production data for the months of May and June 2024 and took note of the high degree of general compliance of the nations that make up the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries with the Declaration of Cooperation (DoC).

In a press release published on the website of the Ministry of People's Petroleum Power, he notes that the Committee took note of the guarantee that the Republic of Iraq, Kazakhstan and the Russian Federation gave during the meeting to achieve full compliance and welcomed the recent presentation of their compensation plans for overproduction volumes since January 2024 to the OPEC Secretariat.

The member countries that participated in the June 2, 2024 meeting in Riyadh together with Oman, reiterated that the gradual elimination of the voluntary reduction in oil production could be paused or reversed, depending on the prevailing market conditions.

The Committee will monitor the compliance of the production adjustments decided at the 37th ONOMM, held on June 2, 2024, including additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries, and will closely evaluate market conditions.

The JMMC retains the authority to convene additional meetings or request an OPEC and non-OPEC Ministerial Meeting , as described during the 37th ONOMM held on June 2, 2024.

The next meeting of the JMMC (56th) is scheduled for October 2, 2024.