Prince Abdulaziz bin Salman, Minister of Energy
The 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference today, April 3, chaired by Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman.
The JMMC reviewed the crude oil production data for last January and February. It noted the high conformity of participating OPEC and non-OPEC countries with the Declaration of Cooperation (DoC).
According to a ministerial statement, the committee welcomed Iraq and Kazakhstan’s pledge to achieve full compliance and compensation for overproduction. It also hailed Russia’s announcement that its Q2 2024 voluntary adjustments will be based on production instead of exports.
Participating countries with outstanding output for January, February and March will submit their detailed compensation plans to the OPEC General Secretariat by April 30.
“The committee will continue to monitor the conformity of the production adjustments decided upon at the 35th ONOMM held on June 4, 2023, and the additional voluntary production adjustments announced by some participating OPEC and participating non-OPEC countries in April 2023, and the subsequent adjustments in November 2023 and February 2024,” the statement wrote.
The JMMC also will continue to closely assess market conditions, noting the willingness of the DoC countries to address market developments and their readiness to take additional measures at any time building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries, it added.
The 54th meeting of the JMMC is scheduled to be held on June 1.
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