The OPEC+ alliance has concluded its 58th Joint Ministerial Monitoring Committee (JMMC) meeting with a decision to uphold its current oil production policy.

The group reaffirmed its commitment to ongoing production cuts as a measure to ensure stability in the global oil market.

The JMMC, which met via videoconference on Monday, reviewed crude oil production data from November and December 2024. The committee noted strong overall compliance among OPEC and non-OPEC members involved in the Declaration of Cooperation (DoC).

This compliance, the committee said, demonstrates unity and cohesion among participating countries.

The JMMC also highlighted the improved compliance of Kazakhstan and Iraq, noting their additional voluntary production adjustments.

Countries that had previously overproduced were urged to submit updated compensation schedules to the OPEC Secretariat by the end of February 2025, in line with agreements made at the 52nd JMMC meeting.

The committee emphasized the importance of full compliance with agreed production adjustments and confirmed that monitoring efforts would continue.

The JMMC's future focus will be on overseeing the production adjustments established during the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on December 5, 2024.

OPEC+ members also reaffirmed their commitment to the DoC, which extends until the end of 2026, with the group pledging continued action to maintain oil market stability through additional voluntary production cuts.

A new set of secondary sources to assess crude oil production and conformity was introduced, with Kpler, OilX, and ESAI replacing Rystad Energy and the Energy Information Administration (EIA) as of February 1, 2025.

The next JMMC meeting is scheduled for April 5, 2025. OPEC+ includes key oil-producing nations such as Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.