OPEC+ Credits Voluntary Oil Cuts for Market Stability
The OPEC+ Joint Ministerial Monitoring Committee (JMMC) commended the additional voluntary oil production cuts implemented by eight member states, saying the move played a key role in supporting market stability.
During its 59th meeting, held virtually on Saturday, the alliance opted to keep its current oil output policy unchanged, while underscoring the importance of full compliance with production quotas.
A statement published on the official website of the Organization of the Petroleum Exporting Countries (OPEC) confirmed that OPEC+ members showed “a high level of commitment” to crude production targets during January and February 2025.
The committee reviewed production figures for those months and noted general compliance among both OPEC and non-OPEC signatories to the Declaration of Cooperation. However, it also singled out countries that failed to meet their quotas and stressed the need for full compliance and compensation for any overproduction.
Member states were urged to submit updated compensation plans to the OPEC Secretariat by April 15.
The committee reiterated its commitment to monitoring adherence to the production adjustments agreed at the 38th OPEC and non-OPEC Ministerial Meeting in December 2024, as well as the additional voluntary cuts announced during the 52nd JMMC session in February 2024.
