The Ministerial Working Group overseeing the OPEC and non-OPEC producers' coalition (OPEC+) in its sixty-eighth meeting, held via video conference, emphasized the importance of protecting energy infrastructure and its impact on the global oil market.
Review of the Oil Market Situation
This group, consisting of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria, and Venezuela, reviewed the current state of the oil market and emphasized the role of the Declaration of Cooperation (DoC) in supporting the stability of global energy markets. This declaration serves as an operational framework to assist member countries in adhering to their production commitments.
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The group also highlighted the critical importance of protecting energy supply routes during this meeting, stating that any attack on energy infrastructure could lead to increased market volatility. This volatility, in turn, would negatively impact the collective efforts of OPEC+ member countries to maintain market stability.
Concerns and Challenges in the Energy Sector
The group expressed concern over recent attacks on energy facilities and reminded that restoring damaged facilities to full capacity is a time-consuming and costly process. This issue will clearly affect overall access to energy supply.
The Ministerial Working Group on the OPEC+ agreement also reviewed data related to crude oil production in July and August 2026 and referred to the overall compliance of member countries present in the Declaration of Cooperation (DoC). This compliance reflects the close cooperation of producing countries in maintaining market balance.
The group will continue to monitor members' adherence to the agreed production commitments from the thirty-eighth OPEC+ ministerial meeting scheduled for December 5, 2024 (15 Azar 1403). Additionally, the group will continue to closely examine the market situation and will plan additional meetings if necessary.
The sixty-ninth meeting of the Ministerial Working Group overseeing the OPEC+ agreement will be held on November 29, 2026 (Sunday, Azar 8). These meetings reflect the determination of producing countries to maintain stability in the global oil and energy market.
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