The results of the 56th meeting of the OPEC+ Joint Ministerial Monitoring Committee

The 56th meeting of the Joint Ministerial Monitoring Committee (JMMC) was held on October 2, 2024, where crude oil production data for July and August 2024 and current market conditions were analyzed.

During the meeting, the Republic of Iraq, the Republic of Kazakhstan and the Russian Federation confirmed that they had fully fulfilled their obligations in accordance with the compensation plans submitted in September. The three countries reaffirmed their commitment to full conformity and compensation during the remaining period of the Agreement.

The Committee noted the holding of three separate technical seminars with the participation of representatives of the Republic of Iraq, the Republic of Kazakhstan and the Russian Federation and analytical agencies on the implementation of compensation plans in August and September.

The participants of the Monitoring committee stressed the critical importance of fulfilling obligations and compensation. The Monitoring committee will continue to monitor compliance with all production adjustments accepted earlier, including additional voluntary cuts, and will constantly assess market conditions.

The next 57th meeting of the Monitoring committee is scheduled for December 1, 2024.