Output Cut
OPEC retains policy on rolling back voluntary output cuts from April
This story was originally published at 20:42 IST on 3 February 2025
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MUMBAI – The Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries Monday kept its policy of rolling back the voluntary production cuts from April unchanged. The committee met to review the crude oil production data for November and December, according to an official release.
"... the members of the JMMC who participated in the additional voluntary production adjustments plan announced on Dec. 5, 2024 reaffirmed their commitment, noting that these additional voluntary production adjustments have ensured the stability of the oil market," the release said.
The committee emphasised the importance of achieving full conformity and compensation, and reaffirmed that they will continue to monitor adherence to the production adjustments agreed earlier. It also praised the improved conformity of Kazakhstan and Iraq, including the additional voluntary production adjustments, according to the release.
Additionally, the committee replaced Rystad Energy and the US Energy Information Administration with Kpler, OilX, and ESAI as its secondary sources, effective Feb. 1. The cartel uses its secondary sources to assess crude oil production and conformity of the declaration of cooperation countries, it said.
Eight members of OPEC and its allies--Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman--are scheduled to unwind the voluntary production cuts, amounting to 2.2 million barrels per day, from April. End
Reported by Ashutosh Pati
Edited by Saji George Titus
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