56th Meeting of the Joint Ministerial Monitoring Committee Held

The Joint Ministerial Monitoring Committee (JMMC) reviewed the crude oil production data for the months of July and August 2024 and current market conditions. During the meeting, the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation confirmed that they had achieved full conformity and compensation according to the schedules submitted for September. The three countries reiterated their strong commitment to maintaining full conformity and compensation throughout the remaining period of the agreement. The final assessments of September crude oil production levels will be based on the approved secondary sources providing data on production of countries participating in Declaration of Cooperation (DoC), which will be available by the second week of October 2024. The Committee noted the three separate technical workshops between representatives from the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation and the secondary sources aimed at discussing September productio n details and submitting their revised compensation plans that include the August overproduction as per the submitted plans to the OPEC Secretariat. The JMMC emphasized the critical importance of achieving full conformity and compensation. It will continue to monitor adherence to the production adjustments agreed upon at the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 2 June 2024. The Committee will also continue to monitor the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countriesas agreed upon in the 52nd JMMC held on 2 February 2024. Furthermore, the Committee will continuously assess market conditions. The JMMC retains the authority to convene additional meetings or to request an OPEC and non-OPEC Ministerial Meeting, as established during the 37th ONOMM held on the 2 June 2024. The next meeting of the JMMC (57th) is scheduled for 01 December 2024. Source: Saudi Press Agency