Through a video conference at the 59th JMMC meeting on Saturday, he thanked OPEC+ members, especially the committee chair and vice-chairman for their efforts to maintain unity and strengthen cooperation amid the current sensitive oil market situation.
He also highlighted the committee’s important role in ensuring market stability and balance.
On the sidelines at the meeting, Mohsen Paknejad spoke to Shana about the current state of the oil market.
Citing OPEC’s latest monthly oil market report, he is projected to have global economic growth of 3.1% in 2025 and 3.2% in 2026, with oil demand expected to increase by 1.4 million barrels per day in both years. “We are confident that JMMC will guide member countries to take measurement and aggressive measures in the oil market and leverage their expertise in assessing market trends,” he added.
The Minister said, “We are confident that discussions and exchanges at these meetings will play a key role in effectively monitoring OPEC+ decisions and compliance with agreed production levels. This is an important issue for producers, consumers and the global economy in these sensitive times.”
At the 59th JMMC meeting, the Minister discussed recent developments in the oil market, particularly concerns about the trade war, and the potential impact on global economic outlook and oil demand.
The committee approved eight decisions by OPEC+ members to gradually increase production, which begins in May, highlighting the need for all countries to comply with their commitment. It was also urged to fully implement overproduction compensation plans within the agreed timelines.
JMMC usually takes place every two months and can recommend policy adjustments for approval at OPEC+ Ministerial Meetings. The next JMMC session is scheduled for Wednesday, May 28th.
MNA/shana.ir