The Joint Ministerial Supervision Committee (JMMC) of OPEC+, a group formed by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, has determined to maintain the ‘status quo’ in oil production, as agreed last October.

This OPEC+ technical committee lacks decision-making power regarding the organization’s production volume, although it can make recommendations and request extraordinary meetings of the cartel’s ministers.

In a brief statement, issued at the end of the virtual meeting held this Wednesday, the Committee limited itself to reporting the general agreement of the participating countries with respect to the production plans agreed last October after having reviewed the crude oil production data. November and December 2022.

In this sense, the members of the JMMC reaffirmed their commitment to the Declaration of Cooperation, which runs until the end of 2023, as agreed at the OPEC+ ministerial meeting on October 5, 2022, and urged all participating countries to achieve full compliance and adherence to the clearing mechanism.

Last October, the OPEC+ ministers agreed to reduce the supply of crude from November to a total of 41.856 million barrels per day, compared to 43.856 million in August 2022, including a contribution of 25.416 mb/d from OPEC, compared to the previous 26,689 mb/d, while non-OPEC countries will produce 16,440 mb/d.

Likewise, the countries then decided to adjust the frequency of the monthly meetings so that they are every two months in the case of the Joint Ministerial Monitoring Committee (JMMC), while the OPEC and non-OPEC (ONOMM) ministerial summits will be every 6 months.

In this way, the ministers of the crude exporting countries will not meet again in principle until June, while the JMMC will meet again on April 3.

Source: dpa

(Reference image source: Antonio Sempere, Europa Press)

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