Representatives of the joint OPEC and non-OPEC Ministerial Monitoring Committee (JMMC) held a meeting in Baku on Monday.

Saudi Arabia’s Energy Minister Khalid Al-Falih expressed satisfaction with JMMC’s work, “knowing that the market is moving in the right direction, knowing that the members, all 24 countries of OPEC+ are fully committed to market stability.”

The minister added that he is “confident that global economy is in a good position and that the uncertainty that we had last year about an impending slowdown and demand dropping too hard are unfounded.”

“So I think that the JMMC is strong and getting stronger and we have full commitment to drive our process of seeking market balance going forward,” he concluded.

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