Alexander Novak chairs 67th meeting of the OPEC+ Joint Ministerial Monitoring Committee
Deputy Prime Minister Alexander Novak co-chaired the 67th meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) via videoconference.
The Committee reviewed the current situation in the oil market and underscored the crucial role of the Declaration of Cooperation in maintaining the stability of global energy markets, particularly noting the critical importance of protecting international sea lanes to ensure uninterrupted energy supplies.
The JMMC also expressed concern over attacks on energy infrastructure, noting that restoring damaged facilities to full capacity requires significant time and expenditure, which in turn affects overall supply availability. The Committee emphasised that any actions undermining the security of energy supply, whether attacks on infrastructure or disruption of international sea lanes, increase market volatility and weaken the collective efforts of the Declaration of Cooperation to support market stability in the interests of producers, consumers and the global economy.
The JMMC reviewed crude oil production data for May and June 2026 and noted that OPEC and non-OPEC countries participating in the Declaration of Cooperation were broadly in compliance with their production targets.
The Committee also confirmed that it will continue to monitor compliance with the production adjustments agreed at the 38th OPEC and non-OPEC Ministerial Meeting, held on 5 December 2024, as well as with the additional voluntary production adjustments announced by certain participating countries, in accordance with the agreements reached at the 52nd JMMC meeting, held on 1 February 2024.
The Committee will continue to closely monitor market developments and retains the right to convene additional meetings or request a ministerial meeting of OPEC and non-OPEC countries, as agreed at the 38th Ministerial Meeting. The next, 68th meeting of the JMMC, is scheduled for 4 October 2026.
