Joint Ministerial Monitoring Committee Highlights Energy Security Concerns

Riyadh:The Joint Ministerial Monitoring Committee (JMMC), comprising members from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria, and Venezuela, recently held its 68th meeting via videoconference. According to Saudi Press Agency, the committee reviewed current market conditions and underscored the essential role of the Declaration of Cooperation (DoC) in maintaining stability in global energy markets. Furthermore, the importance of protecting international maritime routes to ensure the uninterrupted flow of energy was emphasized. The JMMC expressed concern over attacks on energy infrastructure, highlighting the costs and time associated with restoring damaged energy assets to full capacity, which can impact overall supply availability. The committee stressed that any actions undermining energy supply security, such as infrastructure attacks or disruptions in maritime routes, increase market volatility and weaken collective efforts to support market stability for producers, consumers, and t he global economy. Additionally, the committee reviewed crude oil production data from July and August 2026, noting conformity among OPEC and non-OPEC countries participating in the DoC. It reaffirmed its commitment to monitoring adherence to production adjustments agreed upon at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on December 5, 2024. The JMMC will continue to monitor market conditions closely and holds the authority to convene additional meetings or request a ministerial meeting if necessary. The 69th meeting of the JMMC is scheduled for November 29, 2026.