The Organisation of the Petroleum Exporting Countries (OPEC) has replaced Rystad Energy and the U.S. Energy Information Administration (EIA) with Kpler, OilX, and ESAI as secondary sources for assessing crude oil production and compliance among participating countries.
Dr. Umar Gwandu, the Public Relations Coordinator of OPEC,disclosed this in a statement on Wednesday.
He explained that the decision was sequel to a thorough analysis by the OPEC Secretariat and reflects ongoing efforts to monitor output amid historical disputes regarding member production levels.
During an online meeting on February 3, OPEC+ ministers confirmed that there would be no immediate changes to their output hike plan,the statement said.
The organization continues to cut production by approximately 5.85 million barrels per day, which constitutes about 5.7% of global supply.
This strategy aims to stabilize oil prices in light of fluctuating demand and rising external supplies.
According to the statement,the choice to eliminate EIA data was attributed to inadequate communication from the agency regarding necessary information, rather than political motivations.
OPEC+ has a history of modifying its list of secondary sources, having previously dropped the International Energy Agency in March 2022 due to concerns over U.S. influence on oil market data.
As oil prices remain volatile—partly due to geopolitical tensions and U.S. sanctions on Russia—OPEC+ is committed to closely monitoring compliance with production adjustments. The next critical assessment regarding output levels is expected in early March.
“The 58th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Monday, 03 February 2025.
“The JMMC reviewed the crude oil production data for the months of November and December 2024 and noted the high overall conformity for OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC). The improved conformity further reaffirms the DoC countries’ shared objectives of unity and cohesion.
The statement said: “The Committee welcomed the improved conformity of the Republics of Kazakhstan and Iraq, including the additional voluntary production adjustments. The meeting also welcomed renewed pledges by the overproducing countries to achieve full conformity and to resubmit their updated compensation schedules to the OPEC Secretariat for the overproduced volumes, for the period since Jan 2024, before the end of Feb 2025, as agreed in the 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC).
“The Committee emphasized the critical importance of achieving full conformity and compensation, and reaffirmed that they will continue to monitor adherence to the production adjustments agreed upon at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 5 December 2024. The Committee will also continue to monitor 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.
“The members of the JMMC reaffirmed their commitment to the DoC which extends to the end of 2026 as decided at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5 December 2024.
“Moreover, the members of the JMMC who participated in the additional voluntary production adjustments plan announced on 5 December 2024 reaffirmed their commitment noting that these additional voluntary production adjustments have ensured the stability of the oil market.
“After thorough analysis from the OPEC Secretariat, the Committee replaced Rystad Energy and the Energy Information Administration (EIA) with Kpler, OilX, and ESAI, as part of the secondary sources used to assess the crude oil production and conformity of the DoC Participating Countries, effective 1 February 2025”.
