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OIL: JMMC Emphasized Critical Importance of Full Conformity

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The Joint Ministerial Monitoring Committee will continue to monitor member adherence to the agreed production adjustments after reviewing the July and August production data, an OPEC press release said.

  • Iraq, Kazakhstan, and Russian confirmed full conformity and compensation according to September quotas. Workshops with the countries discussed September production details and revised compensation plans that include August overproduction.
  • The final assessments of September crude oil production will be available by the second week of October 2024.
  • The countries remain committed to the remaining compensation agreements.
  • “JMMC emphasized the critical importance of achieving full conformity and compensation,” the press release said.
  • The next JMMC meeting is scheduled for 01 December 2024.
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The Joint Ministerial Monitoring Committee will continue to monitor member adherence to the agreed production adjustments after reviewing the July and August production data, an OPEC press release said.

  • Iraq, Kazakhstan, and Russian confirmed full conformity and compensation according to September quotas. Workshops with the countries discussed September production details and revised compensation plans that include August overproduction.
  • The final assessments of September crude oil production will be available by the second week of October 2024.
  • The countries remain committed to the remaining compensation agreements.
  • “JMMC emphasized the critical importance of achieving full conformity and compensation,” the press release said.
  • The next JMMC meeting is scheduled for 01 December 2024.