Saudi Gazette report
RIYADH — The meeting of the OPEC+ alliance ended on Monday with a decision to keep the current oil production policy unchanged. The OPEC+ members reaffirmed their commitment to production cuts aimed at ensuring the global oil market stability.
The 58th Joint Ministerial Monitoring Committee (JMMC), held via videoconference, reviewed the crude oil production data for the months of November and December 2024 and noted the strong overall compliance by OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC). The improved compliance further reaffirms the DoC countries’ shared objectives of unity and cohesion, the alliance said in a statement after the meeting.
The Committee welcomed the improved compliance of Kazakhstan and Iraq, including their additional voluntary production adjustments. The JMMC also welcomed renewed pledges by the overproducing countries to achieve full compliance and to resubmit their updated compensation schedules to the OPEC Secretariat for the overproduced volumes, for the period since Jan 2024, before the end of Feb 2025, as agreed in the 52nd Meeting of the JMMC.
The Committee emphasized the critical importance of achieving full conformity and compensation, and reaffirmed that they will 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. The Committee will also 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 members of the JMMC reaffirmed their commitment to the DoC which extends to the end of 2026 as decided at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) on Dec. 5, 2024. Moreover, the members of the JMMC, who participated in the additional voluntary production adjustments plan announced on 5 December 2024, reaffirmed their commitment noting that these additional voluntary production adjustments have ensured the stability of the oil market.
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 of the DoC Participating Countries, effective Feb. 1, 2025.
The meeting also decided to hold next JMMC meeting on April 5. The OPEC+ includes Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
