Speaking via videoconference at the 59th JMMC meeting on Saturday, the minister congratulated attendees on the arrival of spring and Eid al-Fitr. 
He thanked OPEC+ members—particularly the committee’s chair and vice-chair—for their efforts to maintain unity and strengthen cooperation amid the current sensitive oil market conditions. 
He also emphasized the committee’s critical role in ensuring market stability and balance.  

On the sidelines of the meeting, Mohsen Paknejad told Shana about the current state of the oil market: "as we all know, the world today faces multiple uncertainties, including the impact of trade tariffs on the global economy, supply chain shifts, and geopolitical tensions. However, there are also reasons for optimism." 

Citing OPEC’s latest monthly oil market report, he noted that global economic growth is projected at 3.1% in 2025 and 3.2% in 2026, with oil demand expected to rise by 1.4 million barrels per day in both years. "I am confident the JMMC will guide member countries in taking measured and proactive steps in the oil market, drawing on its expertise in evaluating market trends," he added.  

The minister stressed: "I am certain the discussions and exchanges in these meetings will play a key role in effectively monitoring OPEC+ decisions and adherence to agreed production levels—a vital issue for producers, consumers, and the global economy in these sensitive times."

At the 59th JMMC meeting, ministers discussed recent oil market developments, particularly concerns over trade wars and their potential impact on global economic outlook and oil demand.  

The committee endorsed eight OPEC+ members’ decision to gradually increase production starting in May and emphasized the need for all countries to comply with their commitments. It also called for Iraq, Russia, and Kazakhstan to fully implement their compensation plans for overproduction within the agreed timeline.  

The JMMC typically meets every two months and can recommend policy adjustments for approval at full OPEC+ ministerial meetings. The next JMMC session is scheduled for Wednesday, May 28.