LIVE UPDATES
NAN- The Organisation of Petroleum Exporting Countries (OPEC) along with non-OPEC nations have reiterated their commitment to oversee production adjustments aimed at ensuring stability within the global oil market.
OPEC conveyed this information during the conclusion of its 58th Meeting of the Joint Ministerial Monitoring Committee (JMMC), which was conducted via video conference on Monday.
The meeting analyzed crude oil production statistics for November and December 2025 and underscored the overall compliance of OPEC and non-OPEC countries that are part of the Declaration of Cooperation (DoC).
“The enhanced compliance further reinforces the shared goals of unity and cohesion among the DoC nations. The meeting commended the improved compliance of Kazakhstan and Iraq, along with their voluntary production adjustments,” it noted. The meeting also acknowledged renewed commitments from countries with excess production to meet their production targets in full.
Moreover, it was decided that these countries must submit their updated compensation schedules to the OPEC Secretariat for the excess volumes by the end of February 2025, covering excess production from January 2024 onwards. The meeting stressed the vital importance of achieving complete compliance and compensation.
It reiterated its resolve to continue monitoring adherence to the agreed production adjustments from the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on December 5, 2024.
The commitment to overseeing the additional voluntary production adjustments proclaimed by certain OPEC and non-OPEC nations was reaffirmed, in accordance with agreements made during the 52nd JMMC held on February 1, 2024.
The JMMC reaffirmed their dedication to the DoC, which has now been extended through the end of 2026, as determined at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) on December 5, 2024.
They pledged to continue monitoring additional voluntary production cuts declared by participating OPEC and non-OPEC countries, in alignment with decisions reached during the 52nd JMMC meeting on February 1, 2024.
Following a comprehensive evaluation by the OPEC Secretariat, Rystad Energy and the Energy Information Administration (EIA) were replaced by Kpler, OilX, and ESAI as part of the secondary sources that will be utilized to evaluate crude oil production and compliance among DoC Participating Countries, effective February 1, 2025. The next JMMC meeting (59th) is set for April 5, 2025.
