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

OPEC+ agreed to stick to its policy of gradually raising oil output from April on Monday and removed the U.S. government's Energy Information Administration from the sources used to monitor its production and adherence to supply pacts. 

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

"After thorough analysis from the OPEC Secretariat, the Committee replaced Rystad Energy and the Energy Information Administration (EIA) with Kpler, OilX, and ESAI, as part of the secondary sources used to assess the crude oil production and conformity," it 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 the Republics of Kazakhstan and Iraq, including the additional voluntary production adjustments.