On Thursday, the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ confirmed its commitment to the current oil production policy. The committee reviewed crude production data from May and June, noting strong compliance among OPEC+ members.
The JMMC highlighted that Iraq, Kazakhstan, and Russia have pledged to fully adhere to the existing production guidelines. The OPEC Secretariat recently received compensation plans from these countries for their overproduction in the first half of 2024.
In June, OPEC+ extended its output cuts into the third quarter of this year and announced that eight OPEC+ countries will maintain voluntary cuts of 2.2 million barrels per day until the end of September 2023, with a gradual phase-out until September 2025.
The JMMC also noted that this gradual reduction could be adjusted or reversed based on market conditions. Although the JMMC does not make decisions, it provides recommendations for the OPEC+ ministerial meetings and can call for additional meetings if needed. The next JMMC meeting is set for October 2.
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