56th Meeting of the Joint Ministerial Monitoring Committee

Reviewed Crude Oil Production and Current Market Conditions

October 02, 2024

Iraq, Kazakhstan, and Russia confirmed full compliance with agreed production cuts and compensation schedules for September.
The final crude oil production data for September will be based on reports from approved secondary sources, available by the second week of October 2024.
Technical workshops between these countries and secondary sources were held to discuss production details and revise compensation plans, addressing August overproduction.
The Joint Ministerial Monitoring Committee (JMMC) emphasized the importance of maintaining full compliance and will monitor production adjustments agreed upon at the June 2024 OPEC meeting and additional voluntary adjustments from the February 2024 meeting.
The JMMC will continue to assess market conditions and has the authority to convene further meetings if necessary.
The next JMMC meeting is scheduled for December 1, 2024.

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