RIYADH: OPEC+ members reaffirmed their commitment to production cuts aimed at maintaining stability in the global oil market during a meeting held on Monday.
The 58th Joint Ministerial Monitoring Committee session, conducted via videoconference, reviewed crude oil production data for November and December 2024 and highlighted the strong overall compliance by both OPEC and non-OPEC countries involved in the Declaration of Cooperation.
The committee reiterated its commitment to the DoC, which is set to extend through the end of 2026. It also commended Kazakhstan and Iraq for their improved compliance, including the additional voluntary production adjustments they made.
OPEC also welcomed the renewed pledges from overproducing countries to achieve full compliance with production targets.
These countries are expected to submit updated compensation schedules to the OPEC Secretariat by the end of February 2025, covering the overproduced volumes since January 2024.
The committee stressed its ongoing role in monitoring adherence to production adjustments. It will continue to track additional voluntary production cuts announced by participating OPEC and non-OPEC nations, in line with the decisions made during the 52nd JMMC meeting on Feb. 1, 2024.
In a procedural update, the committee announced that, effective Feb. 1, 2025, Kpler, OilX, and ESAI will replace Rystad Energy and the Energy Information Administration as secondary sources for assessing crude oil production and compliance with the DoC.
The next JMMC meeting is scheduled for April 5, 2025.