OPEC+: Arkab Emphasizes Full Compliance with Required Production Levels
During the 56th meeting of the Joint Ministerial Monitoring Committee (JMMC) held on Wednesday, Algerian Minister of Energy and Mines Mohamed Arkab emphasized that OPEC+ member countries have fully complied with the mandated production levels, as stated by the ministry.
In this virtual gathering, the committee first evaluated adherence to the production reduction commitments made by OPEC+ nations for July and August 2024, according to the same source.
The JMMC ministers also discussed recent developments in the international oil market and exchanged constructive perspectives on its short-term outlook, as mentioned in the statement.
On this occasion, Arkab conveyed that “the JMMC noted with satisfaction that a significant majority of OPEC+ countries are fully meeting the required production levels,” while underscoring “the necessity for all signatory countries to the Declaration of Cooperation to persist in their efforts to offset the surpluses generated in previous months.”
In this context, Arkab remarked that “since the onset of summer, the market has experienced considerable volatility, ongoing concerns regarding global economic growth, and a marked decline in demand for petroleum products, despite high global stocks and adequate oil market supply.”
To that end, he announced that “the JMMC members agreed to maintain close communication, continue regular exchanges of views, and remain particularly vigilant regarding developments that may influence market fundamentals in the upcoming weeks,” the same source added.
