Vienna: The Joint Ministerial Monitoring Committee (JMMC), consisting of representatives from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria, and Venezuela, convened its 67th meeting via videoconference to assess current market conditions and discuss the continued implementation of the Declaration of Cooperation (DoC).

According to Saudi Press Agency, the committee underscored the DoC's significant role in maintaining the stability of global energy markets. A key focus of the meeting was the importance of safeguarding international maritime routes to ensure the seamless flow of energy. Concerns were raised about recent attacks on energy infrastructure, with the committee noting the high costs and extended timeframes required to restore these assets to full capacity, which ultimately affects the availability of supply.

The committee emphasized that actions that undermine energy supply security, such as infrastructure attacks or disruptions of maritime routes, contribute to increased market volatility. Such instability hampers collective efforts under the DoC to maintain market stability, which is crucial for producers, consumers, and the global economy.

Additionally, the JMMC reviewed crude oil production data for May and June 2026, noting the overall conformity among OPEC and non-OPEC countries participating in the DoC. The committee reaffirmed its commitment to monitoring adherence to production adjustments decided at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) on December 5, 2024, as well as the voluntary production adjustments announced by some countries during the 52nd JMMC on February 1, 2024.

The JMMC retains the authority to convene additional meetings or request an OPEC and non-OPEC Ministerial Meeting if necessary, as per the provisions established at the 38th ONOMM. The committee's next meeting, the 68th, is scheduled for October 4, 2026.