Riyadh, August 04, 2023, The 49th Meeting of the Joint Ministerial Monitoring Committee (JMMC) was successfully conducted through a videoconference on Friday, August 4, 2023.
The JMMC meticulously examined the crude oil production data pertaining to the months of May and June 2023 and duly acknowledged the comprehensive adherence of both OPEC and non-OPEC nations participating in the Declaration of Cooperation (DoC). The committee strongly advises all participating countries to ensure complete conformity and strictly adhere to the compensation mechanism.
The committee has reconfirmed the dedication of its member countries to the Declaration of Cooperation (DoC), which will remain in effect until the conclusion of 2024, as agreed upon during the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) on June 4, 2023. It was also observed that the frequency of the monthly meetings should be adjusted to occur every two months for the JMMC. Additionally, the JMMC should have the authority to conduct extra meetings or request an OPEC and non-OPEC Ministerial Meeting, as was agreed upon in the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on October 5th, 2022.
The committee will keep a close eye on market conditions, paying attention to the readiness of the Doc member countries to tackle market developments. We are prepared to take further actions whenever necessary, leveraging the solid unity of OPEC and the participating non-OPEC oil-producing nations. The committee also duly acknowledges and endorses the commendable endeavors undertaken by the Kingdom of Saudi Arabia in its pursuit of bolstering the equilibrium of the oil market. Furthermore, it reiterates its profound gratitude for the Kingdom's voluntary reduction of 1 million barrels per day, which has been extended for the duration of September. The committee also commends the Russian Federation for its commendable additional voluntary reduction of exports by 300 kbd for the month of September.
The upcoming 50th gathering of the JMMC has been slated for October 4, 2023.