The Joint Ministerial Monitoring Committee (JMMC) held its 67th meeting via videoconference on 3 August 2026. The committee, a ministerial-level body that monitors compliance with production targets set by the broader OPEC and non-OPEC Ministerial Meetings, comprises representatives from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria, and Venezuela.

During the session, the JMMC reviewed current oil market conditions and reaffirmed the essential role of the Declaration of Cooperation (DoC)—the framework established in December 2016 between OPEC members and allied non-OPEC producers, co-led by Saudi Arabia and Russia, to coordinate supply management—in supporting the stability of global energy markets. A central focus of the discussions was the critical importance of safeguarding international maritime routes to ensure the uninterrupted flow of energy worldwide. These routes include strategic chokepoints such as the Strait of Hormuz, through which roughly a fifth of global oil consumption routinely transits, as well as the Bab el-Mandeb Strait and the Suez Canal, all of which serve as vital arteries connecting production centers to consuming markets.

The committee expressed concern over attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is both costly and time-consuming, which in turn affects overall supply availability. The JMMC stressed that any actions undermining energy supply security—whether through attacks on infrastructure or disruptions to international maritime routes—increase market volatility and undermine the collective efforts under the DoC to maintain market stability for the benefit of producers, consumers, and the global economy.

The JMMC reviewed crude oil production data for May and June 2026 and noted overall conformity among OPEC and non-OPEC countries participating in the DoC.

The committee reaffirmed its commitment to continued monitoring of adherence to the production adjustments decided at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 5 December 2024. It also referenced the additional voluntary production adjustments announced by some participating countries, as agreed at the 52nd JMMC on 1 February 2024.

The JMMC will continue to closely monitor market conditions and retains the authority to convene additional meetings or request an OPEC and non-OPEC Ministerial Meeting, as established at the 38th ONOMM on 5 December 2024.

The next JMMC meeting (68th) is scheduled for 4 October 2026.

Source: OPEC