ECONOMIC IDEAL –
TEHRAN (Tasnim) – The 50th Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of Petroleum Exporting Countries (OPEC) was held in the Austrian capital of Vienna on Wednesday via videoconference.
The JMMC reviewed the crude oil production data for the months of July and August 2023 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).
The committee called on all participating countries to achieve full conformity and adhere to the compensation mechanism.
The committee reaffirmed the commitment of its member countries to the DoC which extends to the end of 2024 as agreed in the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) on June 4, 2023.
It also noted the adjustment for the frequency of the monthly meetings to become every two months for the JMMC and the authority of the JMMC to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting as agreed on in the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on October 5, 2022, opec.org reported.
The committee said it will continue to closely evaluate market conditions noting the willingness of the DoC countries to address market developments and stand ready to take additional measures at any time, building on the strong cohesion of OPEC and participating non-OPEC oil-producing countries.