OPEC's JMMC Concludes with Emphasis on High Conformity Levels

The 52nd meeting of the OPEC Joint Ministerial Monitoring Committee (JMMC) was held via videoconference on Thursday. During the meeting, the JMMC reviewed the crude oil production data for November and December 2023.

One key observation highlighted during the meeting was the commendable high conformity levels demonstrated by participating OPEC and non-OPEC countries to the Declaration of Cooperation (DoC). These countries have consistently adhered to the production adjustments established at the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on June 4, 2023, as well as the supplementary voluntary production adjustments that were introduced by some participating OPEC and non-OPEC nations in April 2023, followed by further adjustments in November 2023.

The JMMC affirmed its commitment to closely monitoring market conditions, recognizing the importance of maintaining a robust and responsive approach. The committee highlighted the unwavering unity and cooperation between OPEC and participating non-OPEC oil-producing countries.

Moreover, the JMMC acknowledged the DoC countries' readiness to address evolving market dynamics and their willingness to take additional measures as required. This collaborative spirit underscores the collective determination to uphold stability and equilibrium within the global oil market.

The next gathering of the JMMC, the 53rd meeting, has been scheduled for April 3, 2024, as the committee remains dedicated to its mission of ensuring a balanced and well-regulated oil market.