OPEC+ members have reaffirmed their commitment to maintaining oil production cuts aimed at ensuring stability in the global oil market, following a meeting held on Monday.

The 58th Joint Ministerial Monitoring Committee (JMMC) session, conducted via videoconference, reviewed crude oil production data for November and December 2024. The committee highlighted strong overall compliance by both OPEC and non-OPEC countries involved in the Declaration of Cooperation (DoC).

The committee reaffirmed its commitment to the DoC, which is set to extend through the end of 2026. It commended Kazakhstan and Iraq for their improved compliance, which includes additional voluntary production adjustments.

OPEC also welcomed renewed pledges from countries that have overproduced, emphasizing their commitment to meeting production targets.

These countries are expected to submit updated compensation schedules to the OPEC Secretariat by the end of February 2025, addressing the overproduced volumes since January 2024.

The committee reiterated its ongoing responsibility for monitoring adherence to production adjustments, including tracking additional voluntary production cuts announced by participating OPEC and non-OPEC nations.

This follows decisions made during the 52nd JMMC meeting on February 1, 2024.

In a procedural update, the committee announced that as of February 1, 2025, Kpler, OilX, and ESAI will replace Rystad Energy and the Energy Information Administration as secondary sources for assessing crude oil production and compliance with the DoC.

The next JMMC meeting is scheduled for April 5, 2025.