OPEC, allies ask non-conforming nations to submit updated compensation plans
This story was originally published at 20:58 IST on 28 July 2025
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MUMBAI – The Organization of the Petroleum Exporting Countries and its allies, at the 61st meeting of the joint ministerial monitoring committee, have asked countries that did not achieve full conformity with the agreed production levels to submit updated compensation plans to the OPEC secretariat by Aug. 18, the cartel said in a release Monday.
The committee reviewed the crude oil production data for May and June and noted the overall conformity by OPEC and non-OPEC countries participating in the Declaration of Cooperation, it said. Eight members of the cartel are set to meet on Sunday to decide the production levels for September.
"The Committee also reaffirmed that it will continue to monitor adherence to the production adjustments decided 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," according to the release.
The next meeting of the committee is scheduled for Oct. 1. End
Reported by Ashutosh Pati
Edited by Tanima Banerjee
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