OPEC's JMMC reaffirms commitment to DoC

Logo of OPEC

The Organization of the Petroleum Exporting Countries (OPEC) stated that the Joint Ministerial Monitoring Committee (JMMC) reviewed today, Feb. 1, the crude oil production data for November and December 2023 and noted the commitment of OPEC and non-OPEC members to the declaration of cooperation (DoC).

 

In a statement, OPEC added that the committee will continue to monitor the production adjustments decided at last June meeting. This is besides the additional voluntary production adjustments announced by some OPEC and non-OPEC members in April 2023 and the subsequent adjustments in November 2023.

 

The committee will also continue to closely assess market conditions, noting the willingness of the DoC countries to address market developments and stand ready to take additional measures at any time.

 

The next meeting of the JMMC is scheduled for April 3.

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