The Joint Ministerial Committee for production control in the OPEC plus group held its forty-ninth meeting via video call today, during which it reviewed crude oil production data for the months of May and June of 2023, and praised the commitment of OPEC member countries and non-OPEC countries to declare cooperation, and urged all participating countries to continue full commitment and compliance with the compensation mechanism.

The members of the Joint Ministerial Committee for production control reaffirmed their commitment to the declaration of cooperation, which will continue until the end of 2024, as agreed at the thirty-fifth ministerial meeting of OPEC member states and participating countries from outside, which was held on June 4, 2023.

The committee noted the adjustment of the frequency of periodic meetings of the Joint Ministerial Committee for production control, to be every two months, with granting the committee the authority to hold additional meetings, or request a meeting of OPEC member states and participating countries from outside, as agreed at the Thirty-Third Ministerial Meeting of OPEC member states and participating countries from outside, held on October 5, 2022.

The committee will continue to closely assess market conditions, noting the readiness of the member states participating in the declaration of cooperation to face market developments, and their readiness to take additional measures at any time, based on the consensus and cohesion between OPEC member states and participating countries from outside.

The committee also expressed its full appreciation and support for the efforts of the kingdom of Saudi Arabia aimed at supporting the stability of oil markets, and reiterated its appreciation for the kingdom's voluntary reduction of one million barrels per day, extending this reduction to September. The committee also praised the efforts of the Russian Federation for its additional voluntary reduction of its exports, amounting to 300 thousand barrels per day for the month of September.

The Joint Ministerial Committee for Production Control announced that its fiftieth meeting is scheduled to be held on October 4, 2023.