OPEC+ vows to continue monitoring producers’ adherence to output adjustments

The Joint Ministerial Monitoring Committee (JMMC) of the OPEC and non-OPEC partners, known as OPEC+, vowed Wednesday to continue monitoring oil producers' adherence to agreed production adjustments and assessing global oil market conditions. In a press release after its 56th meeting, held today via videoconference, the JMMC said the convening ministers reviewed the crude oil production data for the months of July and August 2024 and current market conditions. It emphasized the critical importance of achieving full conformity with the agreed upon production quotas. It affirmed that it will continue to monitor adherence to the production adjustments agreed upon at the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 2 June 2024. "The Committee will also continue to monitor the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024," reads the release. Furthermore, the Committee said it will c ontinuously assess market conditions. During the meeting, the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation confirmed that they had achieved full conformity and compensation according to the schedules submitted for September. The three countries reiterated their strong commitment to maintaining full conformity and compensation throughout the remaining period of the agreement. The Committee noted that the final assessments of September crude oil production levels will be based on the approved secondary sources providing data on production of countries participating in Declaration of Cooperation (DoC), which will be available by the second week of October 2024. It pointed out that the three separate technical workshops between representatives from the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation and the secondary sources aimed at discussing September production details and submitting their revised compensation plans that include the August overproductio n as per the submitted plans to the OPEC Secretariat. The JMMC said it retains the authority to convene additional meetings or to request an OPEC and non-OPEC Ministerial Meeting, as established during the 37th ONOMM held on the 2 June 2024. The next meeting of the JMMC (57th) is scheduled for 1 December 2024. Source: Kuwait News Agency