58th Meeting Of The Joint Ministerial Monitoring Committee Reviews Oil Production And Conformity Efforts

The 58th Joint Ministerial Monitoring Committee (JMMC) meeting was held online on 3 February 2025. The committee reviewed crude oil production data from November and December 2024. They noted strong compliance among OPEC and non-OPEC countries involved in the Declaration of Cooperation (DoC). This high conformity underscores the shared goals of unity and cohesion among these nations.

Members of the JMMC reiterated their dedication to the DoC, which is set to continue until the end of 2026, as decided at the 38th OPEC and non-OPEC Ministerial Meeting on 5 December 2024. The committee also highlighted the importance of achieving full compliance and compensation for overproduction, stressing ongoing monitoring of agreed production adjustments.

The Republics of Kazakhstan and Iraq were commended for their improved compliance, including voluntary production adjustments. The meeting welcomed renewed commitments from overproducing countries to achieve full conformity. These countries are expected to submit updated compensation schedules for excess production since January 2024 by the end of February 2025, as agreed in a previous JMMC meeting.

Additional voluntary production adjustments announced by some OPEC and non-OPEC countries were also discussed. These measures have contributed to stabilising the oil market. The JMMC will continue to monitor these adjustments, ensuring adherence to agreements made during past meetings.

Following a detailed analysis by the OPEC Secretariat, changes were made to secondary sources used for assessing crude oil production and conformity among DoC participants. Effective from 1 February 2025, Kpler, OilX, and ESAI replaced Rystad Energy and the Energy Information Administration (EIA) as part of this assessment process.

The next JMMC meeting is scheduled for 5 April 2025. This ongoing dialogue reflects a commitment to maintaining stability in the global oil market through careful monitoring and cooperation among participating countries.

With inputs from SPA