OPEC and non-OPEC allies to review oil production violations.OPEC welcomed renewed pledges from overproducing countries to meet targets and resubmit updated compensation plans by February 2025 for excess output since January 2024.
Reaffirming its commitment to market stability, OPEC announced this in its 58th JMMC meeting via video conference. The meeting reviewed November–December 2025 production data and overall compliance with the Declaration of Cooperation.
The meeting stressed full conformity and compensation, reaffirming its commitment to monitoring production adjustments from the 38th ONOMM (Dec. 5, 2024) and voluntary cuts from the 52nd JMMC (Feb. 1, 2024).The JMMC pledged to uphold the DoC, extended to 2026, and track voluntary production cuts by OPEC and non-OPEC nations.
The JMMC pledged to track voluntary production cuts per the 52nd JMMC decisions.OPEC replaced Rystad Energy and EIA with Kpler, OilX, and ESAI as secondary sources for assessing production and compliance, effective Feb. 1, 2025.The 59th JMMC meeting is set for April 5, 2025.
