Results of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC)

The 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference today on the 3rd of April 2024. 

 

The JMMC reviewed the crude oil production data for the months of January and February 2024 and noted the high conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC). 

 

The Committee welcomed the Republic of Iraq and the Republic of Kazakhstan pledge to achieve full conformity as well as compensate for overproduction. The Committee also welcomed the announcement by the Russian Federation that its voluntary adjustments in the second quarter of 2024 will be based on production instead of exports. 

 

The Committee will continue to monitor implementation of all OPEC+ decisions taken earlier and assess market conditions to take necessary measures when needed. 

 

The next meeting of the JMMC (54th) is scheduled for 1 June 2024.