BAKU, Azerbaijan, October 2. The 56th meeting of the Joint Ministerial Monitoring Committee (JMMC) was held today, where OPEC+ reviewed crude oil production data for July and August 2024, along with current market conditions, Trend reports.
During the meeting, Iraq, Kazakhstan, and Russia confirmed that they had fully met their obligations under the compensation plans submitted in September. All three countries reiterated their commitment to fulfilling these obligations and completing compensation throughout the remaining term of the Agreement.
The Committee highlighted that three technical workshops were held in August and September, involving representatives from Iraq, Kazakhstan, and Russia, along with analytical agencies, to review progress on the compensation plans.
The participants stressed the critical importance of meeting obligations and compensation requirements. The monitoring committee will continue to oversee adherence to all prior commitments, including additional voluntary production cuts, and will regularly assess market conditions.
The next meeting of the monitoring committee is scheduled for December 1, 2024.