OPEC+ Joint Ministerial Monitoring Committee to review oil market situation

OPEC+ Joint Ministerial Monitoring Committee to review oil market situation The committee will review assess compliance with the OPEC+ agreementMOSCOW, October 4. /TASS/. The Joint Ministerial Monitoring Committee (JMMC) will review the current oil market situation and assess compliance with the OPEC+ agreement at its meeting on Sunday. The seven OPEC+ countries, including Russia and Saudi Arabia, will also meet on Sunday. The JMMC does not have the authority to make decisions on oil production levels, and its role is limited to monitoring compliance with the OPEC+ deal and analyzing market conditions. However, the JMMC can recommend oil production decisions to the alliance, although it has not issued any recommendations recently. The committee can also convene an extraordinary meeting of all OPEC+ ministers if necessary. About the "seven" meeting The OPEC+ "eight," which included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman and the UAE, began gradually returning previously cut barrels to the market in April 2025. The group fully exited its voluntary 2.2 million barrels per day cuts in September 2025, a year earlier than originally planned. The OPEC+ countries began gradually phasing out another 1.65 million barrels per day production cut in October 2025. The format has operated as a "seven" since May 1, 2026, following the UAE’s exit from OPEC and OPEC+. The countries completed their exit from the voluntary 1.65 million barrels per day oil production cut in September. The first stage of voluntary cuts had already been phased out in September 2025. As a result, the OPEC+ "volunteers" have fully completed their exit from the cycle of self-imposed oil production cuts, returning the previously withheld 3.85 million barrels per day to the market over the past 18 months. All OPEC+ countries will now operate under previously approved quotas without additional restrictions through the end of 2026, with the total permitted production of the agreement’s participating countries under the quotas set at 36.206 million barrels per day. The OPEC+ "seven" will continue holding monthly meetings despite completing its exit from the voluntary cuts, OPEC said. 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