Alexander Novak co-chiars 59th meeting of OPEC + Joint Ministerial Monitoring Committee
Deputy Prime Minister of the Russian Federation Alexander Novak co-chaired the 59th meeting of the OPEC + Joint Ministerial Monitoring Committee held via video-conference.
The parties examined data on crude oil production for January and February 2025 and praised the high level of compliance with obligations by OPEC and non-OPEC countries taking part in the Declaration of Cooperation.
The Joint Ministerial Monitoring Committee highly praised additional voluntarily adjustments in oil production by the eight OPEC+ countries to support market stability declared in April and November 2023. It also saluted the decision of the eight OPEC+ countries to adjust production by 411,000 barrels a day in May 2025, equivalent to three monthly increments.
The meeting participants reaffirmed the importance of full
compliance with agreements as part of the OPEC+ deal and achievement of full compliance
with quotas and compensations in oil production.
The countries participating in the deal, which were highlighted by the committee and which allowed for production in excess of standards set for them,
shall provide the OPEC Secretariat with updated compensation plans ahead of schedule by 15 April 2025.
Compliance with adjustments in production approved on February and December 2024 meetings will continue to be monitored.
The Joint Ministerial Monitoring Committee reserves the right to convoke additional meetings or request to hold additional OPEC and non-OPEC ministerial meeting as it was decided during the 38th ministerial meeting held on December 5, 2024.
The next, 60th meeting of the Joint Ministerial Monitoring Committee was scheduled for 28 May.
