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July 29, 2025 | 1 month ago

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OPEC+: JMMC welcomes strong compliance with production cut commitments

ALGIERS - The Joint Ministerial Monitoring Committee (JMMC) of OPEC and its partners (OPEC+) on Monday welcomed the “strong commitment” of the signatory countries to the Declaration of Cooperation to respect their production quotas for May and June 2025, underlining the “rigorous” implementation of the agreed adjustments.

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Meeting by videoconference on the occasion of its 61st session, the JMMC noted with satisfaction that "the vast majority of participating countries continue to demonstrate a sustained commitment to the decisions taken", according to a press release from the Ministry of Energy, Mines and Renewable Energies.

In particular, the Committee emphasized the importance of full compliance with production limitation commitments, recalling that oil market stability depends on the collective adherence of OPEC+ members.

Algeria participated in the meeting, represented by Minister of State and Minister of Energy, Mines, and Renewable Energies Mohamed Arkab, in the presence of Sonatrach CEO Rachid Hachichi, Chairman of the National Agency for the Development of Hydrocarbon Resources (ALNAFT) Samir Bekhti, and ministry executives.

The meeting was attended by the oil ministers of the Committee's member countries, namely Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Nigeria and Venezuela (OPEC countries), as well as Russia and Kazakhstan (non-OPEC countries).

Work focused on assessing the level of compliance by member countries with their oil production reduction commitments, within the framework of the Declaration of Cooperation.

The Ministerial Committee set its next meeting for October 1, 2025, to continue monitoring market developments and compliance by participating countries.

July 29, 2025 | algeria-logo

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