Oil & Gas
THE Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC countries have reaffirmed commitments to monitor production adjustment aimed at maintaining stability in the global oil market.
The OPEC made this known in the resolution of its 58th Meeting of the Joint Ministerial Monitoring Committee (JMMC) which held via videoconference on Monday.
The meeting reviewed the crude oil production data for November and December, 2025 and highlighted the overall conformity for OPEC and non-OPEC countries involved in the Declaration of Cooperation (DoC).
“The improved conformity further reaffirms the DoC countries’ shared objectives of unity and cohesion.
“The meeting lauded the improved conformity of the Republics of Kazakhstan and Iraq, including the additional voluntary production adjustments,” it said.
The meeting also welcomed renewed pledges by the overproducing countries to achieve full conformity with production targets.
It further resolved that the countries should resubmit their updated compensation schedules to the OPEC Secretariat for the overproduced volumes, by February 2025 ending, covering overproduced volume since January, 2024.
The meeting also emphasised the critical importance of achieving full conformity and compensation.
It reaffirmed to continue to monitor adherence to the production adjustments agreed upon at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on Dec. 5, 2024.
It reaffirmed to 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 Feb. 1, 2024.
The JMMC reaffirmed their commitment to the DoC which extended to the end of 2026 as decided at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) on Dec. 5, 2024.
It pledged to 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.
After thorough analysis from the OPEC Secretariat, it replaced Rystad Energy and the Energy Information Administration (EIA) with Kpler, OilX and ESAI.
This, it said, was part of the secondary sources used to assess the crude oil production and conformity of the DoC Participating Countries, effective Feb.1, 2025.
The next meeting of the JMMC (59th) is scheduled for April 5, 2025. (NAN)
A.I
Feb. 3, 2025
Tags: OPEC+
