OPEC+: Voluntary Oil Production Cuts Contributed to Market Stability

The OPEC+ Joint Ministerial Committee considered that the additional voluntary adjustments to oil production made by the eight-member alliance, announced in April and November 2023, contributed to supporting market stability.

Senior OPEC+ ministers also emphasized the need for full compliance with oil production targets and plans to compensate for excess crude oil production, after the group’s surprise decision last week to further increase production contributed to prices falling to their lowest levels recorded during the COVID-19 pandemic.

During the committee’s 59th meeting via videoconference on Saturday, OPEC+ announced that it had made no changes to its oil production policy, stressing the need to achieve full compliance with the agreed production quotas.

A press release on the OPEC website confirmed that OPEC+ affirmed the high level of compliance among the group’s members with the crude oil production ceiling for January and February. The statement said that the Committee reviewed crude oil production data for January and February 2025 and noted the overall compliance of OPEC and non-OPEC countries participating in the Declaration of Cooperation.

The Committee noted those countries that have not achieved full compliance and compensation, and reiterated the critical importance of achieving full compliance and compensation, as well as submitting updated and detailed compensation plans to the OPEC Secretariat by April 15.

The Committee also reaffirmed that it will continue to monitor compliance with the production adjustments agreed upon at the 38th OPEC and non-OPEC Ministerial Meeting, held on December 5, 2024, and the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries, as agreed upon at the 52nd OPEC/JMMC Ministerial Meeting, held on February 1, 2024.

The statement also emphasized that the Committee reserves the authority to convene additional meetings or request an OPEC and non-OPEC Ministerial Meeting. The next meeting of the Joint Ministerial Committee is scheduled for May 28. The committee, which includes oil ministers from Saudi Arabia, Russia, and other major producers, typically meets every two months and can make recommendations for policy changes. On Thursday, eight OPEC+ members agreed to accelerate the phase-out of oil production cuts by increasing production by 411,000 barrels per day in May, instead of 135,000.