By Emeka Ugwuanyi
The Joint Ministerial Monitoring Committee (JMMC) has commended the compliance of OPEC and non-OPEC member countries with the cartel’s crude production quota under the Declaration of Cooperation (DoC).
The Joint Ministerial Monitoring Committee (JMMC) 52nd meeting held via videoconference on Thursday described members’ conformity with the Declaration of Cooperation as high.
The JMMC reviewed the crude oil production data for the months of November and December 2023 and noted the high conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).
The Committee said it will continue to monitor the conformity of the production adjustments decided upon at the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 4 June 2023, and the additional voluntary production adjustments announced by some participating OPEC and participating non-OPEC countries in April 2023, and the subsequent adjustments in November 2023.
The Committee further noted it will continue to closely assess market conditions. Building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries, the Committee noted the willingness of the DoC countries to address market developments and their readiness to take additional measures at any time.
The next meeting of the JMMC (53rd) is scheduled for 03 April 2024.
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