Saudi Gazette report

RIYADH — The 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC), conducted via videoconference on Wednesday, reviewed crude oil production for January and February 2024.

The Committee noted the high level of conformity with the production adjustments outlined in the Declaration of Cooperation (DoC) among participating OPEC and non-OPEC countries.

The JMMC welcomed commitments from Iraq and Kazakhstan to achieve full conformity and compensate for previous overproduction.

Additionally, the Committee acknowledged the Russian Federation's announcement regarding its voluntary adjustments based on production rather than exports for the second quarter of 2024.

Countries with excess production in the first quarter of 2024 are expected to present detailed compensation plans to the OPEC Secretariat by April 30, 2024.

The JMMC affirmed its ongoing commitment to monitoring compliance with agreed production adjustments and the readiness of DoC countries to address market fluctuations proactively.

The next JMMC meeting is scheduled to take place on June 1, 2024.

The Committee, during the meeting, will further assess market conditions and review the effectiveness of the production adjustments and any necessary actions to ensure market stability and support the oil industry's sustainability.