OPEC+ sticks to oil policy, excludes EIA data from output monitoring

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OPEC+ agreed to stick to its policy of gradually raising oil output from April and replaced the sources used to monitor its production and adherence to supply pacts.

This came during the 58th Joint Ministerial Monitoring Committee (JMMC) meeting took place via videoconference on Monday, Feb. 3.

After thorough analysis from the OPEC secretariat, the committee replaced Rystad Energy and the US Energy Information Administration (EIA) with Kpler, OilX, and ESAI, as part of the secondary sources used to assess the crude oil production and conformity, OPEC said in a statement.

The OPEC+ ministers confirmed that the voluntary output cut plans ensure stability in the oil market. They also welcomed the improved conformity of Kazakhstan and Iraq, including the additional voluntary production adjustments.

The JMMC reviewed crude oil production data for November and December 2024, indicating a high overall commitment to the Declaration of Cooperation.

The 59th OPEC+ ministerial meeting is scheduled to be held on April 5.