The Joint Ministerial Monitoring Committee (JMMC) linking the Organization of the Petroleum Exporting Countries and their Russia-led allies known as OPEC+, met on Thursday to praise the “high commitment” to a landmark declaration of cooperation between the two sides.
Citing “compensation plans” submitted by Iraq, Kazakhstan and Russia amid the talks, the JMMC welcomed the measure as an effort to “achieve full conformity,” reiterating the gradual phase-out of the voluntary reduction of oil production could be paused or reversed, depending on prevailing market conditions.
These countries had announced the extension of the voluntary reduction of oil production by 2.2 million barrels per day until the end of September 2024, it said, underlining that additional voluntary output adjustments will hinge on market conditions.
The JMMC retains the authority to convene additional meetings or to request an OPEC and non-OPEC Ministerial Meeting, it reiterated, ahead of the forthcoming session slated for October.
Sour
ce: Kuwait News Agency