OPEC And Non-OPEC Nations Commit To Sustained Oil Production Levels Through 2025
In a continued effort to maintain a stable oil market, OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) have reaffirmed their commitment to long-term market guidance and transparency. This decision aligns with their precautionary, proactive, and pre-emptive approach consistently adopted since the DoC's inception.
The Participating Countries have decided to extend the overall crude oil production levels for OPEC and non-OPEC members as per the attached table, effective from 1 January 2025 until 31 December 2025. Additionally, the assessment period by three independent sources has been extended to the end of November 2025. This extension will guide the reference production levels for 2026.
The mandate of the Joint Ministerial Monitoring Committee (JMMC) has been reaffirmed to closely review global oil market conditions, production levels, and conformity with the DoC. The JMMC will be assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. Meetings will be held every two months.
The OPEC and non-OPEC Ministerial Meeting (ONOMM) will occur every six months in line with the ordinary OPEC scheduled conference. The JMMC has also been granted authority to hold additional meetings or request an ONOMM at any time to address market developments as necessary.
Production Levels for 2025
The required production levels for 2025 have been outlined for each country involved in the DoC:
| Country | Required Production Level (kbd) |
|---|---|
| Algeria | 1,007 |
| Congo | 277 |
| Eq. Guinea | 70 |
| Gabon | 177 |
| Iraq | 4,431 (2) |
| Kuwait | 2,676 (2) |
| Nigeria | 1,500 |
| Saudi Arabia | 10,478 (2) |
| UAE | 3,519 (1) (2) |
| Azerbaijan | 551 |
| Bahrain | 196 |
| Brunei | 83 |
| Kazakhstan | 1,628 (2) |
| Malaysia | 401 |
| Mexico | 1,753 |
| Russia | 9,949 (2)|
| 64 (1) UAE required production has been increased by 300 kbd. This increase will be phased in gradually starting January 2025 until the end of September 2025. (2) The required production level is before applying any additional production adjustments. Commitment to Conformity and Future MeetingsThe importance of adhering to full conformity and compensation mechanisms has been reiterated. The next OPEC and non-OPEC Ministerial Meeting is scheduled for December 1, 2024. This structured approach aims to ensure stability in the global oil market while providing clear guidance for future production levels. With inputs from SPA Story first published: Sunday, June 2, 2024, 18:09 [GST]  Log in for unlimited reading! Manage Profile First Name Last Name Email Address Age Select Age
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