Riyadh, February 01, 2024, The 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC) convened via videoconference on Thursday, February 1, 2024. During the meeting, the JMMC conducted a comprehensive review of the crude oil production data for the months of November and December 2023. Notably, the committee acknowledged the commendable adherence of participating OPEC and non-OPEC countries to the Declaration of Cooperation (DoC).
The JMMC expressed its commitment to ongoing scrutiny of the conformity to the production adjustments outlined during the 35th ONOMM held on June 4, 2023. Additionally, the committee will continue to monitor the supplementary voluntary production adjustments declared by specific participating OPEC and non-OPEC nations in April 2023, along with subsequent adjustments made in November 2023.
Recognizing the importance of staying attuned to market conditions, the JMMC reiterated its dedication to closely assessing the evolving landscape. Emphasizing the robust collaboration between OPEC and participating non-OPEC oil-producing countries, the committee noted the readiness of DoC countries to respond to market developments and their preparedness to implement additional measures as necessary.
Looking ahead, the 53rd meeting of the JMMC is scheduled to take place on April 3, 2024, underscoring the ongoing commitment to regular evaluations and adjustments in response to the dynamic global energy landscape.