The Joint Ministerial Monitoring Committee (JMMC) of the Petroleum Exporting Countries Organization (OPEC) reviewed the crude oil production data for the months of May and June 2023, affirming their commitment to the Declaration of Cooperation (DoC).

This came during its 49th meeting that was held 4 August 2023, via videoconference. 

According to OPEC’s statement, the DoC would extend to the end of 2024 as agreed in the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) on 4th of June 2023.

The committee expressed it willingness to continue closely assess market conditions, noting the readiness 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. 

It also expressed its full recognition and support for the efforts of the Kingdom of Saudi Arabia aimed at supporting the stability of the oil market and reiterated its appreciation for the Kingdom’s additional voluntary cut of 1 million barrels per day (mmbbl/d) and for extending it for the month of September. 

Furthermore, the committee informed the Russian Federation for its additional voluntary reduction of exports by 300,000 barrels per day (bbl/d) for the month of September.

Moreover, they agreed to adjust 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 5th of October 2022.