OPEC+ Joint Ministerial Monitoring Committee: Adherence to agreed production quotas rises

The Committee, in a press statement following the meeting, underscored the pivotal role of the Cooperation Declaration in supporting the stability of global energy markets, emphasizing the critical importance of safeguarding international sea lanes to ensure uninterrupted energy supply flows.

The Committee expressed concern over attacks targeting energy sector infrastructure, noting that restoring damaged facilities to full operational capacity entails high costs and long timeframes, which affects available supply levels.

It stressed that any actions undermining energy supply security, whether by targeting infrastructure or disrupting navigation in international sea lanes, lead to increased market volatility and weaken collective efforts under the Cooperation Declaration aimed at supporting market stability in the interests of producers, consumers, and the global economy.

The Committee reviewed crude oil production data for May and June 2026 and noted a general increase in compliance among OPEC member countries and participating non-OPEC producers under the Cooperation Declaration in implementing agreed production levels.

It reaffirmed its continued monitoring of compliance with production adjustments approved during the 38th Ministerial Meeting of OPEC member countries and participating non-OPEC producers, held on December 5, 2024, as well as additional voluntary cuts announced by some participating countries, as agreed upon during the 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC) held on February 1, 2024.

It indicated that it would continue to closely monitor market developments while retaining the authority to hold additional meetings or convene a ministerial meeting of Cooperation Declaration participants whenever necessary, as decided by the 38th Ministerial Meeting. It added that its next meeting, the 68th, will be held on October 4.