The committee overseeing the OPEC+ crude production deal said at a meeting July 28 that achieving full conformity to agreed quotas and compensating for overproduction is of “critical importance,” according to an OPEC statement.

The joint ministerial monitoring committee did not recommend any changes to the current production policy. The gathering took place ahead of a meeting of eight producers implementing voluntary production cuts scheduled for Aug. 3, when September production levels will be discussed.

OPEC said that overproducers will submit updated compensation plans to the OPEC Secretariat by Aug. 18. This will be the first submission since June data became available, revealing that crude output in Saudi Arabia surged as it put in place contingency measures in case the Israel-Iran conflict caused an oil supply shock.

OPEC said previously that Saudi Arabia increased production by 173,000 b/d month over month in June to a two-year high of 9.36 million b/d, according to secondary sources used by OPEC to estimate and monitor output.

Compliance has been a major source of friction within the group, with some producers producing significantly above target since the beginning of 2024. Overproduction has softened the impact of crude production cuts on prices.

Platts, part of S&P Global Commodity Insights, assessed Dated Brent at $69.56/b July 25 — well below the 2025 high of over $83/b in mid-January.

Analysts have interpreted voluntary producers’ decision to unwind these cuts from the second quarter as a sign that the group is prioritizing market share over supporting oil prices.

The next meeting of the JMMC is scheduled for Oct. 1, OPEC said. The committee can convene additional meetings or request full OPEC+ ministerial meetings at any time.
Source: Platts