The Minister of Energy and Mines, Mohamed Arkab, participated today, Wednesday, via videoconference technology, in the work of the forty-seventh meeting of the Joint Ministerial Monitoring Committee (GMMC) for OPEC and non-OPEC, which had to ensure compliance with commitments to limit voluntary production of the countries of the Declaration of Cooperation. For the month of December 2022.
The ministers responsible for oil in the monitoring committee also assessed the conditions and prospects for the short-term development of the world oil market.
As a reminder, the Joint Ministerial Monitoring Committee (GMMC) has been meeting regularly since January 2017 with the aim of ensuring the implementation of voluntary adjustments to the production of OPEC member countries and non-OPEC countries that are signatories to the Declaration of Cooperation.
At the conclusion of this meeting, the Minister emphasized that “compliance with the countries’ production limit commitments in the December 2022 Cooperation Declaration was first reviewed. Thus, based on the monthly data provided to us, we note with satisfaction that the OPEC+ countries have fully complied with the required level of production, according to the decision taken in October 5 to reduce our global supply by 2 million barrels per day.”
The minister added, pointing out, “We also exchanged views on the current situation of the global oil market and its expectations in the short term. The recent developments observed in the market have strongly confirmed the accuracy of our decisions and the efforts we are making collectively to ensure stability and balance.”
The minister also stressed that “despite the uncertainty that weighs on economic growth in many regions, we remain cautiously optimistic that global oil demand will improve significantly in the coming months.”
Finally, the Minister of Energy and Mines revealed that the Joint Ministerial Monitoring Committee (GMMC) “decided to meet at the beginning of next April to examine compliance with the production cut commitments of OPEC + countries and to assess the international oil market situation.”
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