In a meeting overseen by the Energy Minister, OPEC Plus expressed appreciation for Saudi Arabia’s efforts to stabilize oil markets.
The Joint Ministerial Monitoring Committee (JMMC) of the OPEC Plus group held its 49th meeting today, where they discussed crude oil production data for May and June 2023.
The committee praised the commitment of OPEC member countries and non-member countries to the Declaration of Cooperation, urging all participating nations to continue full commitment and compliance with the compensation mechanism. The members of the JMMC reaffirmed their commitment to the Declaration of Cooperation, which will continue until the end of 2024, as agreed in the 35th Ministerial Meeting of OPEC members and participating non-member countries held on June 4, 2023.
The Committee also highlighted the change in frequency of the JMMC meetings to bimonthly, with the power to hold additional meetings or request a meeting for the OPEC member countries and participating non-member countries, as agreed in the 33rd Ministerial Meeting held on October 5, 2022.
The committee will continue to closely monitor market conditions, pointing to the readiness of the participating member countries in the Declaration of Cooperation to address market developments and their preparedness to take additional measures at any time, based on unity and cohesion among OPEC member countries and participating non-member countries.
The committee expressed its full appreciation and support for Saudi Arabia’s efforts to stabilize oil markets, further expressing its appreciation for Saudi Arabia’s voluntary cut of one million barrels per day, extending this reduction to September. The committee also praised the Federal Republic of Russia’s voluntary additional export cut of 300,000 barrels per day for September.
The JMMC announced that its 50th meeting is scheduled to be held on October 4, 2023.
