OPEC+ welcomes Iraq's commitment and maintains production levels without modification

Followed by-INA  

 OPEC+ Joint Ministerial Committee welcomed, on Monday, the improvement in Iraq's level of commitment, while keeping production levels unchanged.
 
A statement by the Joint Ministerial Committee for Monitoring Production followed by the Iraqi News Agency (INA): stated that "the Joint Ministerial Committee for Monitoring Production held its fifty-eighth meeting via video call, where it reviewed crude oil production data for the months of November and December 2024, praising the high level of commitment by OPEC member states and non-OPEC producing countries participating in the Declaration of Cooperation."
 
The Committee welcomed, according to the statement, the improvement in the level of commitment by Iraq and Kazakhstan, including additional voluntary adjustments, and stressed the importance of compensating for excess production quantities, in accordance with the previous agreement.
 
The Committee confirmed its continued monitoring of compliance with the production adjustments agreed upon during the 38th OPEC and non-OPEC Ministerial meeting held on December 5, 2024, and will follow up on additional voluntary adjustments announced by some participating countries to ensure stability in the oil market.
 
The Committee decided to replace Rystad Energy and the US Energy Information Administration (EIA) with Kpler, OilX, and ESAI to be among the secondary sources used in assessing production levels and commitment, starting from February 1, 2025.
 
The Committee renewed its commitment to the Declaration of Cooperation until the end of 2026, and it was decided to hold the next meeting (the fifty-ninth) on April 5, 2025, to continue following up on the implementation of the agreements and enhance market stability.