OPEC+ Monitoring Committee to convene to analyze oil market

The last meeting of JMMC was held on May 28, on the same day when the OPEC+ ministerial meeting was held

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) will meet on Monday online to discuss the current situation on the oil market and assess the implementation of OPEC+ terms.

The committee usually meets once in two months. The last meeting of JMMC was held on May 28, on the same day when the OPEC+ ministerial meeting was held.

The OPEC+ JMMC does not usually make any decisions on oil production. It may give its recommendations and convene an extraordinary meeting of all OPEC+ ministers if necessary. The committee also assesses data of OPEC+ agreement performance and analyzes the oil market status at its meetings.

Joint Ministerial Monitoring Committee (JMMC) scheduled to meet on July 28 has no powers to decide on the oil production level, OPEC says on the X.

“In light of recent media reports regarding the upcoming JMMC meeting, the OPEC Secretariat clarifies that the Committee, scheduled to convene on July 28, does not hold decision-making authority over production levels,” the statement indicates.

“Its role is limited to monitoring conformity with production adjustments and reviewing overall market conditions,” the organization said. Claims linking the JMMC meeting to output changes or voluntary adjustments by the ‘Group of Eight’ [eight OPEC+ countries voluntarily reducing oil production ] are inaccurate, and fall outside its mandate,” the Secretariat noted.