OPEC+ Monitoring Committee Holds Meeting with Iran's Oil Minister in Attendance

The 61st meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) was held via video conference with the oil minister as the 2025 OPEC Conference president in attendance.

The committee convened Monday with Mohsen Paknejad participating. In the meeting, the OPEC Secretariat presented a brief report, projecting a positive outlook for the remainder of 2025 through 2026.

OPEC’s latest monthly report forecasts global economic growth at 2.9% in 2025, rising to 3.1% in 2026. Oil demand growth is expected to reach about 1.3 million barrels per day in both 2025 and 2026. Low oil inventory levels also indicate healthy and balanced fundamental market conditions.

The committee reviewed member production levels for May and June 2025, noting OPEC+ members’ strong compliance with output commitments aimed at ensuring oil market stability. It stressed the need for full adherence by all participating countries.

The OPEC+ ministerial committee, which serves as a monitoring body for the OPEC+ agreement, meets every two months and can recommend policy adjustments. These proposals are then discussed and approved at OPEC+ ministerial meetings attended by all members. The next committee meeting will be held on October 1. - Shana