3 Apr 2024 15:42

OPEC+ Joint Ministerial Monitoring Committee gives no recommendations to alliance, next meeting on June 1

MOSCOW. April 3 (Interfax) - The OPEC+ Joint Ministerial Monitoring Committee (JMMC), co-chaired by Russia and Saudi Arabia, at a meeting on Wednesday did not give recommendations to the alliance on changing current oil production policy, OPEC said in a press release following the meeting.

The next JMMC meeting is planned for June 1. An Interfax source said a full meeting would take place on the same day.

The JMMC welcomed the pledge by Iraq and Kazakhstan, which produced more than they were permitted in the first few months of 2024, to achieve full conformity as well as compensate for overproduction. Participating countries will submit their detailed compensation plans to the OPEC Secretariat by April 30.

The JMMC 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 JMMC will continue to closely assess market conditions and is ready to take additional measures at any time "building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries."