The Organisation of the Petroleum Exporting Countries (OPEC) has announced the replacement of 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 member countries.
OPEC’s Public Relations Coordinator, Dr. Umar Gwandu, confirmed the decision in a statement made available on Monday, explaining that it followed a thorough evaluation by the OPEC Secretariat.
The move aligns with the organisation’s continuous efforts to improve monitoring of crude oil output, a long-standing source of dispute among member nations.
During an online meeting held on February 3, OPEC ministers reaffirmed their decision to maintain the current output reduction of approximately 5.85 million barrels per day, which represents about 5.7% of global oil supply.
The strategy is aimed at stabilizing prices amid fluctuating demand and rising external supplies.
OPEC clarified that the exclusion of EIA data was not politically motivated but rather due to insufficient communication from the agency regarding key data points.
The organisation has previously adjusted its list of secondary sources, notably dropping the International Energy Agency (IEA) in 2022 over concerns about U.S. influence on market data.
At the 58th Joint Ministerial Monitoring Committee (JMMC) meeting, OPEC reviewed crude oil production data for November and December 2024.
The committee noted a high level of compliance among participating countries, reinforcing the commitment to unity within the Declaration of Cooperation (DoC).
Kazakhstan and Iraq were commended for their improved conformity, including voluntary production cuts.
Overproducing nations have been urged to submit updated compensation schedules for excess volumes produced since January 2024, with a deadline set for February 2025.
The committee reiterated the importance of full compliance with production adjustments agreed upon during the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) in December 2024.
It also reaffirmed that OPEC will continue to monitor additional voluntary production adjustments introduced by some members during the 52nd JMMC meeting in February 2024.
OPEC+ members reaffirmed their commitment to the DoC, which extends until 2026.
Countries participating in the additional voluntary production adjustments plan emphasized that these measures have played a vital role in stabilizing the global oil market.
Following a comprehensive analysis by the OPEC Secretariat, the decision to replace Rystad Energy and EIA with Kpler, OilX, and ESAI became effective on February 1, 2025.
The next JMMC meeting (59th) is scheduled for April 5, 2025, where further assessments of production levels and compliance will be conducted.
This move underscores OPEC’s ongoing efforts to ensure accurate oil market data and maintain stability amid evolving global energy dynamics.
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