OPEC+ Joint Ministerial Monitoring Committee Holds Its 67th Meeting
Kuwait City, 2 Aug (KUNA) -- The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ alliance, comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria, and Venezuela, held its 67th meeting on Sunday via video conferencing to review the state of the global oil market and compliance levels with the Declaration of Cooperation (DoC).
In a press statement following the meeting, the committee underscored the pivotal role of the Declaration of Cooperation in supporting the stability of global energy markets, emphasizing the critical importance of protecting 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 impacts available supply levels. It affirmed 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 Declaration of Cooperation aimed at supporting market stability, thereby serving the interests of producers, consumers, and the global economy.
The committee reviewed crude oil production data for May and June 2026 and noted an overall increase in compliance levels among OPEC member countries and participating non-OPEC producers under the Declaration of Cooperation in implementing agreed production levels.
It reaffirmed its commitment to continuing to monitor adherence to the production adjustments approved during the 38th Ministerial Meeting of OPEC members 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 JMMC meeting held on February 1, 2024.
It indicated that it would continue to closely monitor market developments, retaining the authority to hold additional meetings or convene a ministerial meeting of Declaration of Cooperation participants whenever necessary, as approved by the 38th Ministerial Meeting. It added that its next meeting, the 68th, will be held on October 4. (End) K.M. / T.A.B.
