The committee also recognized the Russian Federation's commendable move of voluntarily reducing exports by an additional 300,000 barrels per day for the month of September.
According to the final communique posted on the OPEC website, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) has reaffirmed its agreements on oil production reduction until the end of 2024 during its videoconference meeting.
The communique states, "The committee also expressed its full recognition and support for the efforts of the Kingdom of Saudi Arabia aimed at supporting the stability of the oil market and reiterated its appreciation for the Kingdom’s additional voluntary cut of 1 million barrels per day and for extending it for the month of September." Additionally, the committee acknowledged the Russian Federation's commendable move of voluntarily reducing exports by an additional 300,000 barrels per day for the month of September.
The next meeting of the monitoring committee is scheduled to take place on October 4, 2023.
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