OPEC+ Countries Urged to Submit Updated Compensation Plans
The 59th Meeting of the Joint Ministerial Monitoring Committee (JMMC) was held via videoconference on Saturday, April 5, 2025, as reported by OPEC. During the meeting, the committee reviewed the crude oil production data for January and February 2025 and acknowledged the overall conformity of OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC).
The JMMC commended the additional voluntary production adjustments made by the 8 OPEC plus countries, which were announced in April and November 2023 to support market stability. However, the committee also noted the countries that did not fully comply with the production adjustments and urged them to achieve full conformity and compensation. They were requested to submit updated front-loaded compensation plans to the OPEC Secretariat by April 15, 2025.
Furthermore, the JMMC confirmed its commitment to monitoring adherence to the production adjustments agreed upon at the 38th OPEC and non-OPEC Ministerial Meeting held on December 5, 2024, as well as the additional voluntary production adjustments announced by some participating countries during the 52nd JMMC held on February 1, 2024.
The committee emphasized its authority to convene additional meetings or request an OPEC and non-OPEC Ministerial Meeting, as established during the 38th OPEC and non-OPEC Ministerial Meeting held on December 5, 2024. The 60th meeting of the JMMC is scheduled to take place on May 28, 2025.
