Riyadh, October 2, 2024 – The Joint Ministerial Monitoring Committee (JMMC) convened to review the crude oil production data for July and August 2024, alongside current market conditions. The meeting focused on the production conformity of participating countries and the ongoing efforts to maintain stability in the global oil market, which is critical to the objectives of the Declaration of Cooperation (DoC) between OPEC and non-OPEC nations.
During the session, the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation confirmed that they had fully complied with their respective production targets and compensation commitments according to the schedules submitted for September. These countries reaffirmed their strong dedication to maintaining full conformity and executing compensation plans for any past overproduction, ensuring the integrity of the overall agreement.
The committee emphasized that the final assessments of September's crude oil production will be determined by data provided from secondary sources, which are expected to be released by mid-October 2024. These assessments will provide a clear picture of the production levels of countries involved in the DoC. In a proactive measure, Iraq, Kazakhstan, and Russia held three technical workshops with the secondary data providers to discuss their September production levels and to finalize compensation plans to address any discrepancies from August.
The JMMC underscored the critical importance of achieving full conformity and compensation by all participating nations. It will continue to closely monitor adherence to the production adjustments agreed upon at the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on June 2, 2024. The committee also acknowledged the additional voluntary production cuts announced by some OPEC and non-OPEC members during the 52nd JMMC held on February 2, 2024, stressing that these measures will be regularly assessed against evolving market conditions.
The JMMC has retained the authority to convene additional meetings or to request an OPEC and non-OPEC Ministerial Meeting if necessary, as established during the 37th ONOMM. The committee is scheduled to reconvene for its 57th meeting on December 1, 2024, where it will continue to assess global oil production and market dynamics.