JMMC Commends Countries' Additional Voluntary Production Adjustments

(MENAFN- Kuwait News Agency (KUNA)) VIENNA, April 5 (KUNA) -- The 59th Meeting of the Joint Ministerial Monitoring Committee (JMMC) on Saturday valued the additional voluntary production adjustments made by the 8 OPEC plus countries in supporting market stability.
In a statement following a videoconference meeting, the JMMC said it reviewed the crude oil production data for the months of January and February 2025 and noted the overall conformity for OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC).
It appreciated the additional voluntary production adjustments made by the 8 OPEC plus countries which were announced in April and November 2023 in supporting market stability.
The Committee noted the countries that did not achieve full conformity and compensation and reiterated the critical importance of achieving full conformity and compensation in addition to submitting updated front-loaded compensation plans to the OPEC Secretariat by 15 April 2025.
The Committee also reaffirmed that it will continue to monitor adherence to the production adjustments agreed upon at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 5 December 2024 and the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024.
The JMMC retains the authority to convene additional meetings or to request an OPEC and non-OPEC Ministerial Meeting, as established during the 38th ONOMM held on the 5 December 2024. The next meeting of the JMMC (60th) is scheduled for 28 May 2025. (end)
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