In a significant move to ensure sustained stability in the global oil market, the 38th Joint Ministerial Monitoring Committee (JMMC) meeting of the Organization of the Petroleum Exporting Countries (OPEC) took place on Thursday.
The Virtual meeting brought together Ministers and Heads of Delegations to discuss critical strategies for balancing global supply and demand dynamics.
The discussions underscored OPEC and non-OPEC member countries’ unwavering commitment to the principles of the Declaration of Cooperation (DoC).
This framework, established in 2016 and reinforced through subsequent extensions, remains a cornerstone of OPEC’s strategic approach to the global oil market.
Key outcomes of the meeting included, reaffirming crude oil production adjustments agreed during the 35th OPEC Ministerial Meeting. These adjustments will remain in effect until December 31, 2026.
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Ministers emphasized the importance of full conformity with production levels and the implementation of a robust compensation mechanism to enhance transparency and preserve market equilibrium.
For Nigeria, these resolutions provide a strategic pathway to achieving the nation’s 2025 production target of 2.06 million barrels per day.
Head of the Nigerian delegation, Heineken Lokpobiri reiterated Nigeria’s commitment to the DoC, emphasizing the critical role of collaborative efforts in ensuring a balanced and sustainable oil market.
He noted that the Federal Government of Nigeria remains dedicated to fostering partnerships within OPEC and beyond, contributing to global energy security while ensuring the sustainable development of its resources.
(Editor: Ken Eseni)
