OPEC+ Joint Ministerial Monitoring Committee to Review Oil Market and Compliance
Quick Look
- The OPEC+ Joint Ministerial Monitoring Committee will meet in Moscow on Sunday to review the oil market and assess compliance with the agreement, while the seven participating countries, including Russia and Saudi Arabia, will also convene.
- The committee lacks authority to set production levels but can recommend decisions and call extraordinary meetings.
- The OPEC+ 'seven' format has been in place since May 2026 following the UAE's exit, with all voluntary production cuts fully phased out by September 2026, returning 3.85 million barrels per day to the market.
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Why It Matters
The OPEC+ alliance has been gradually phasing out voluntary oil production cuts since April 2025, with the 'seven' format in place since May 2026 following the UAE's exit from the group. All voluntary cuts of 3.85 million barrels per day were completed by September 2026.
MOSCOW, October 4. /TASS/. The Joint Ministerial Monitoring Committee (JMMC) will review the current oil market situation and assess compliance with the OPEC+ agreement at its meeting on Sunday.
The seven OPEC+ countries, including Russia and Saudi Arabia, will also meet on Sunday.
The JMMC does not have the authority to make decisions on oil production levels, and its role is limited to monitoring compliance with the OPEC+ deal and analyzing market conditions. However, the JMMC can recommend oil production decisions to the alliance, although it has not issued any recommendations recently. The committee can also convene an extraordinary meeting of all OPEC+ ministers if necessary.
About the "seven" meeting
The OPEC+ "eight," which included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman and the UAE, began gradually returning previously cut barrels to the market in April 2025. The group fully exited its voluntary 2.2 million barrels per day cuts in September 2025, a year earlier than originally planned. The OPEC+ countries began gradually phasing out another 1.65 million barrels per day production cut in October 2025.
The format has operated as a "seven" since May 1, 2026, following the UAE’s exit from OPEC and OPEC+. The countries completed their exit from the voluntary 1.65 million barrels per day oil production cut in September. The first stage of voluntary cuts had already been phased out in September 2025. As a result, the OPEC+ "volunteers" have fully completed their exit from the cycle of self-imposed oil production cuts, returning the previously withheld 3.85 million barrels per day to the market over the past 18 months.
All OPEC+ countries will now operate under previously approved quotas without additional restrictions through the end of 2026, with the total permitted production of the agreement’s participating countries under the quotas set at 36.206 million barrels per day. The OPEC+ "seven" will continue holding monthly meetings despite completing its exit from the voluntary cuts, OPEC said.
Open Questions
- Will the JMMC recommend any changes to production levels despite its limited authority?
- How will the market react to the full return of previously cut volumes to global supply?
- Will any OPEC+ members seek to adjust quotas ahead of the 2026 deadline?
