LONDON/MOSCOW: An OPEC+ panel on Monday stressed the need for full compliance with oil production agreements, ahead of Sunday’s separate gathering of eight OPEC+ members to decide on increasing oil output for September.
Ministers from the Joint Ministerial Monitoring Committee, which includes top energy ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, convened online for brief talks.
The JMMC meets every two months and has the power to call for a full meeting of OPEC+ to address market developments if deemed necessary.
“The committee reiterated the critical importance of achieving full conformity and compensation,” OPEC said in a statement after the meeting. Compensation cuts are those that some countries, such as Iraq and Kazakhstan, are being asked to carry out to make up for earlier overproduction.
The JMMC asked countries that are not fully compliant to submit updated compensation plans by August 18.
OPEC, in a post on X late on Friday, said the committee does not hold decision-making authority over production levels, and “its role is limited to monitoring conformity with production adjustments and reviewing overall market conditions”.
OPEC+, which pumps about half of the world’s oil, has been curtailing production for several years to support the market. But it reversed course this year to regain market share, and as US President Donald Trump demanded OPEC pump more to help keep a lid on gasoline prices.
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