OPEC+ reaffirms continued monitoring of adherence to production adjustments

Logo of OPEC

OPEC+ member countries kept their oil production policy unchanged, during the 58th Meeting of the Joint Ministerial Monitoring Committee (JMMC), which took place via videoconference on Monday, Feb. 3.

The JMMC reviewed the crude oil production data for the months of November and December 2024 and noted the high overall conformity for OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC), according to a statement.

The improved conformity further reaffirms the DoC countries’ shared objectives of unity and cohesion.

The Committee welcomed the improved conformity of the Republics of Kazakhstan and Iraq, including the additional voluntary production adjustments.

The meeting also welcomed renewed pledges by the overproducing countries to achieve full conformity and to resubmit their updated compensation schedules to the OPEC Secretariat for the overproduced volumes, for the period since Jan 2024, before the end of Feb 2025, as agreed in the 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC).

The Committee emphasized the critical importance of achieving full conformity and compensation, and reaffirmed that they will continue to monitor adherence to the production adjustments agreed upon at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 5 December 2024.

The Committee will also continue to monitor the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024.

The JMMC members reaffirmed their commitment to the DoC which extends to the end of 2026 as decided at the 38th ONOMM on 5 December 2024.

Moreover, the JMMC members who participated in the additional voluntary production adjustments plan announced on 5 December 2024 reaffirmed their commitment, noting that these additional voluntary production adjustments have ensured the stability of the oil market.