The 64th meeting of the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ alliance was held via video conference on Sunday, 13 Sha'ban 1447 AH, corresponding to February 1, 2026. The committee dedicated its meeting to reviewing crude oil production data for November and December 2025, noting the positive spirit and high commitment shown by the OPEC member countries and non-OPEC producing countries participating in the Declaration of Cooperation.
A thorough review of production data
During the meeting, the committee reaffirmed the paramount importance of achieving full compliance with the agreed quotas, emphasizing the need to activate compensation mechanisms for countries that exceeded their production quotas in previous periods. The committee reviewed the updated compensation schedules to ensure fairness among all members and maintain market balance, reflecting the alliance's commitment to managing oil supply in line with the needs of the global economy.
Historical context and importance of the Declaration of Cooperation
This meeting is a continuation of the historic "Declaration of Cooperation" that unites OPEC member countries with key independent producers. Since its inception, this alliance has aimed to address the challenges and volatility affecting global energy markets. These periodic meetings are of paramount strategic importance, as the committee's role extends beyond mere monitoring to include providing recommendations that ensure sustained market stability, benefiting both producers and consumers and supporting global economic growth.
Continued monitoring of voluntary amendments
The committee confirmed in its statement that it will continue to monitor compliance with the production adjustments agreed upon at the 38th Ministerial Meeting, held on December 5, 2024. The review also included monitoring the additional voluntary production adjustments announced by some member countries, in accordance with the outcomes of the 52nd Joint Ministerial Monitoring Committee meeting held on February 1, 2024. These voluntary reductions are a flexible tool used by the alliance to proactively address changes in global demand.
Economic impact and future prospects
The decisions of the Ministerial Oversight Committee play a pivotal role in reassuring global markets, particularly amidst geopolitical tensions or economic fluctuations that could disrupt supply chains. By maintaining prudent production levels, the alliance aims to prevent both oversupply and severe shortages, thereby contributing to price stability at acceptable levels.
The next date and the committee's powers
The Committee concluded its meeting by reaffirming its authority to convene additional emergency meetings or a full ministerial meeting of member states at any time as market conditions warrant, based on previous agreements. It was formally decided that the next meeting of the Joint Ministerial Monitoring Committee (the 65th meeting) would be held on April 5, 2026, to continue assessing market conditions and taking any necessary actions.
