The OPEC+ monitoring committee convened on August 1, 2024, to discuss compliance and production levels among member states. Key discussions included assurances from Iraq, Kazakhstan, and Russia regarding their commitment to achieve full conformity with production targets. These countries also submitted compensation plans for overproduced volumes since January 2024. The committee emphasized the significance of these developments for the oil market, particularly for the fourth quarter of 2024 and the first quarter of 2025. The next meeting of the Joint Ministerial Monitoring Committee (JMMC) is scheduled for October 2, 2024.