The 20th Meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) took place via videoconference on Wednesday, 15 July 2020, under the Chairmanship of Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy, and co-Chair Alexander Novak, Minister of Energy of the Russian Federation.
The meeting reviewed the monthly report prepared by its Joint Technical Committee (JTC) and developments in the global oil market since its last meeting on 18 June 2020 and considered market prospects for the second half of 2020.
The participants reiterated the importance of the ‘Declaration of Cooperation’ (DoC) in supporting oil market stability. It recalled decisions taken by earlier meetings to cut the Oil output.
It requested the JTC and the OPEC Secretariat to closely monitor and report to the JMMC the implementation of the required compensation by the underperforming participating countries.
The Committee observed that there were encouraging signs of improvement as economies around the world open up. While there could be localized or partial lockdowns re-imposed in some places, the recovery signs are clear, both in physical and futures markets.
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