RIYADH: The OPEC+ Joint Ministerial Monitoring Committee endorsed the preservation of steady oil production targets for November at its Sunday gathering.
During its 68th conference, convened via videoconference, the committee examined prevailing oil‑market conditions and reiterated the vital role of the Declaration of Cooperation in sustaining global energy‑market stability.
The committee highlighted the importance of safeguarding international maritime shipping lanes to guarantee uninterrupted energy‑supply flows. It also raised concerns about attacks on energy infrastructure, stressing that repairing damaged facilities is both costly and time‑intensive and may jeopardize overall availability.
“Any actions that undermine the security of energy supplies,” whether by targeting infrastructure or disrupting international maritime routes, could amplify market volatility and erode collective effort under the Declaration of Cooperation, the committee stated.
The panel also reviewed crude‑oil production figures for July and August 2026 and affirmed the commitment of OPEC members alongside participating non‑OPEC producers to the Declaration of Cooperation.
The committee reaffirmed ongoing oversight of compliance with production adjustments agreed upon at the 38th OPEC and non‑OPEC ministerial meeting held on 5 December 2024 within the OPEC+ framework.
It pledged vigilant monitoring of market dynamics and retained authority to convene additional sessions or call for an OPEC and non‑OPEC ministerial meeting, in line with decisions from the 38th ministerial gathering.
The next session, the 69th meeting, is scheduled for 29 November.
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