OPEC+ decides to keep production policies unchanged

The Joint Ministerial Monitoring Committee (JMMC) reviewed crude oil production data for November and December 2024 during its meeting today via video conference.

The committee noted the high level of commitment, in general, by OPEC member countries and non-OPEC producing countries participating in the Declaration of Cooperation. The improvement in the level of commitment reinforces the common goals of the countries participating in the Declaration of Cooperation, which are unity and cohesion.

The committee welcomed the improvement in the level of commitment by Kazakhstan and Iraq, including additional voluntary production adjustments. It also welcomed the renewal by countries that exceeded production quotas of their pledges to achieve full compliance and to resubmit updated compensation schedules to the OPEC Secretariat for excess production quantities since January 2024 before the end of February 2025, in accordance with what was agreed upon at the 52nd meeting of the Joint Ministerial Monitoring Committee. The Committee stressed the great importance of achieving full compliance and compensating for excess production quantities, and reiterated its continued monitoring of the extent of compliance with the production adjustments agreed upon during the 38th Ministerial Meeting of OPEC and non-OPEC countries, held on 5 December 2024. The Committee will also continue to monitor additional voluntary production adjustments announced by some participating countries, from OPEC and participating countries from outside it, in accordance with what was agreed upon at the 52nd meeting of the Joint Ministerial Monitoring Committee, held on 1 February 2024. The members of the Joint Ministerial Monitoring Committee (JMMC) renewed their commitment to the Declaration of Cooperation, which extends to the end of 2026, as approved at the 38th OPEC and non-OPEC Ministerial Meeting held on 5 December 2024.

Furthermore, the members of the JMMC who participated in the Additional Voluntary Production Adjustments Plan, announced on 5 December 2024, confirmed their continued commitment to it, noting that the additional voluntary production adjustments have contributed to stabilizing the oil market.

Following a careful analysis by the OPEC Secretariat, the Committee decided to replace Rystad Energy and the US Energy Information Administration (EIA) with Kpler, OilX, and ESAI as secondary sources used to assess crude oil production and compliance by participating countries in the Declaration of Cooperation, effective 1 February 2025.

The next meeting of the Joint Ministerial Monitoring Committee (the 59th meeting) is scheduled for April 5.