By Emeka Ugwuanyi
The Joint Ministerial Monitoring Committee (JMMC) at its meeting on Wednesday resolved that the member countries of OPEC and Non-OPEC alliance will commit the Declaration of Cooperation (DoC) which extends to the end of 2023 as agreed in the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022.
The 47th meeting of the JMMC took place via videoconference on Wednesday, 01 February 2023.
The Committee reviewed the crude oil production data for the months of November and December 2022 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).
The Members of the JMMC reaffirmed their commitment to the DoC which extends to the end of 2023 as agreed in the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022, and urged all participating countries to achieve full conformity and adhere to the compensation mechanism.
The Committee thanked the OPEC Secretariat for their contribution to the meeting.
The next meeting of the JMMC (48th) is scheduled for 3 April 2023.
The JMMC was established following OPEC’s 171st Ministerial Conference Decision of 30 November 2016 and the subsequent Declaration of Cooperation made at the joint OPEC-non-OPEC ministerial meeting held on 10 December 2016.
The JMMC is tasked with ensuring that the objectives of OPEC’s 171st Ministerial Conference Decision and the Declaration of Cooperation are achieved through successful implementation of voluntary adjustments in production.
It also facilitates the exchange of joint analyses and outlooks, which will provide valuable input to the evaluation of the conformity process.
The JMMC is composed of three OPEC Member Countries – Algeria, Kuwait and Venezuela, and two non-OPEC countries – the Russian Federation and Oman.
