RIYADH: The OPEC+ Joint Ministerial Monitoring Committee agreed to keep oil production targets steady for November at a meeting on Sunday.
At its 68th meeting, held via videoconference, the committee reviewed current conditions in the oil market and reaffirmed the central role of the Declaration of Cooperation in supporting global energy market stability.
The committee stressed the importance of protecting international maritime shipping routes to ensure the continuous and uninterrupted flow of energy supplies. It also expressed concern over attacks targeting energy infrastructure, noting that restoring damaged facilities to full operating capacity is costly and time-consuming and could affect overall supply availability.
“Any actions that undermine the security of energy supplies,” whether by targeting infrastructure or disrupting international maritime routes, could increase market volatility and weaken collective efforts under the Declaration of Cooperation, the committee said.
The panel also reviewed crude oil production data for July and August 2026 and noted the commitment of OPEC members and participating non-OPEC oil-producing countries to the Declaration of Cooperation.
The committee reaffirmed that it would continue monitoring compliance with production adjustments agreed at the 38th OPEC and non-OPEC ministerial meeting held on Dec. 5, 2024, under the OPEC+ cooperation framework.
It said it would closely monitor market conditions and retained the authority to hold additional meetings or call for an OPEC and non-OPEC ministerial meeting, in line with the decisions of the 38th ministerial meeting.
The committee’s next meeting, its 69th, is scheduled for Nov. 29.
Stay on top of the issues that matter to you the most.
