RIYADH — The eight OPEC+ countries highlighted the critical importance of safeguarding international maritime routes to ensure the uninterrupted flow of energy.
The Joint Ministerial Monitoring Committee (JMMC) of OPEC+, comprising Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Nigeria, Algeria and Venezuela, held its 65th meeting via videoconference on Sunday.
The JMMC meeting reviewed current market conditions and emphasized the essential role of the Declaration of Cooperation (DoC) in supporting the stability of global energy markets. In this context, the committee highlighted the critical importance of safeguarding international maritime routes to ensure the uninterrupted flow of energy.
The meeting expressed concern regarding attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is both costly and takes a long time, thereby affecting overall supply availability. Accordingly, the committee stressed that any actions undermining energy supply security, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility and weaken the collective efforts under the DoC to support market stability for the benefit of producers, consumers, and the global economy.
In this regard, the committee commended the DoC countries that took the initiative to ensure the continued availability of supplies, particularly through the use of alternative export routes, which have contributed to reducing market volatility.
The JMMC will continue to closely monitor market conditions and retains the authority to convene additional meetings or request an OPEC and non-OPEC Ministerial Meeting, as established at the 38th ONOMM held on December 5 2024. The next meeting of the JMMC is slated for June 7, 2026.
Source: Saudi Gazette