OPEC Highlights Critical Importance of Safeguarding International Maritime Routes

The Joint Ministerial Monitoring Committee (JMMC), representing Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria, and Venezuela, convened its 67th meeting via videoconference. The committee examined the present market situation and underscored the vital role of the Declaration of Cooperation (DoC) in maintaining the steadiness of the global energy markets.

Central to their discussion was the importance of protecting international maritime routes to guarantee the smooth movement of energy. The committee also expressed worry over assaults on energy infrastructure, acknowledging that repairing damaged energy assets can be both expensive and lengthy, thereby impacting the total supply availability.

Consequently, the committee stressed that any actions endangering energy supply security, whether through attacks on infrastructure or interference with international maritime routes, heighten market volatility and undermine the collective efforts under the DoC to promote market stability for the advantage of producers, consumers, and the global economy.

The JMMC examined the crude oil production data for May and June 2026 and observed overall compliance from OPEC and non-OPEC nations participating in the DoC. The committee also affirmed its commitment to monitoring adherence to the production modifications decided upon at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on December 5, 2024, and the supplementary voluntary production modifications declared by certain participating OPEC and non-OPEC countries as agreed upon in the 52nd JMMC held on February 1, 2024.

The JMMC will persist in closely observing market conditions and retains the authority to hold additional meetings or request an OPEC and non-OPEC Ministerial Meeting, as established during the 38th ONOMM held on December 5, 2024. The subsequent meeting of the JMMC (68th) is set for October 4, 2026.