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OPEC+ Credits Voluntary Oil Cuts for Market Stability

The OPEC logo behind a model of an oil excavator. (Reuters)
The OPEC logo behind a model of an oil excavator. (Reuters)
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OPEC+ Credits Voluntary Oil Cuts for Market Stability

The OPEC logo behind a model of an oil excavator. (Reuters)
The OPEC logo behind a model of an oil excavator. (Reuters)

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) commended the additional voluntary oil production cuts implemented by eight member states, saying the move played a key role in supporting market stability.

During its 59th meeting, held virtually on Saturday, the alliance opted to keep its current oil output policy unchanged, while underscoring the importance of full compliance with production quotas.

A statement published on the official website of the Organization of the Petroleum Exporting Countries (OPEC) confirmed that OPEC+ members showed “a high level of commitment” to crude production targets during January and February 2025.

The committee reviewed production figures for those months and noted general compliance among both OPEC and non-OPEC signatories to the Declaration of Cooperation. However, it also singled out countries that failed to meet their quotas and stressed the need for full compliance and compensation for any overproduction.

Member states were urged to submit updated compensation plans to the OPEC Secretariat by April 15.

The committee reiterated its commitment to monitoring adherence to the production adjustments agreed at the 38th OPEC and non-OPEC Ministerial Meeting in December 2024, as well as the additional voluntary cuts announced during the 52nd JMMC session in February 2024.

The JMMC retains the authority to call additional meetings or request a full ministerial session if needed.

The next JMMC meeting is scheduled for May 28. The body, which includes oil ministers from Saudi Arabia, Russia, and other top producers, typically meets every two months and may recommend policy changes.

Separately, eight OPEC+ countries announced on Thursday that they would accelerate the easing of production cuts by increasing output by 411,000 barrels per day in May—more than triple the previously planned 135,000 barrels.

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South Korea Aims to Delay US Tariffs in Talks, Cooperate in Mutual Areas 

Finance Minister Choi Sang-mok, who serves concurrently as deputy prime minister for economic affairs, speaks during a meeting of economy-related ministers at the government complex in Seoul, South Korea, 11 April 2025. (EPA/Yonhap) 
Finance Minister Choi Sang-mok, who serves concurrently as deputy prime minister for economic affairs, speaks during a meeting of economy-related ministers at the government complex in Seoul, South Korea, 11 April 2025. (EPA/Yonhap) 
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South Korea Aims to Delay US Tariffs in Talks, Cooperate in Mutual Areas 

Finance Minister Choi Sang-mok, who serves concurrently as deputy prime minister for economic affairs, speaks during a meeting of economy-related ministers at the government complex in Seoul, South Korea, 11 April 2025. (EPA/Yonhap) 
Finance Minister Choi Sang-mok, who serves concurrently as deputy prime minister for economic affairs, speaks during a meeting of economy-related ministers at the government complex in Seoul, South Korea, 11 April 2025. (EPA/Yonhap) 

South Korea will seek to delay the implementation of tariffs as long as possible in negotiations with the United States, its finance minister said on Tuesday, as Seoul targets cooperation in areas of mutual interest such as shipbuilding and energy.

Officials in Seoul have been scrambling to limit the damage to the export-reliant economy from the threat of looming duties.

South Korea is among the countries that US Treasury Secretary Scott Bessent has said Washington would sit down with to discuss the tariffs imposed by US President Donald Trump.

The priority was to delay the tariffs "as much as possible" to help reduce the uncertainty the country's businesses face in the global market, South Korea's Finance Minister Choi Sang-mok told parliament.

"From our national interest perspective, the idea is to negotiate as much as possible and wrap it up under the new government," he said in answer to a lawmaker's question about the direction of Seoul's response.

Trump hit Asia's fourth-largest economy with 25% "reciprocal" tariffs earlier this month as he targeted dozens of countries with import duties as high as 49%. He has since paused their implementation by 90 days but has maintained a 10% blanket tariff on all goods imports and ratcheted up levies on China.

The tariff shock comes as South Korea prepares to pick a new president in a snap election on June 3 after Yoon Suk Yeol was ousted this month over his short-lived martial law declaration.

While the power vacuum has raised questions about the mandate of acting President Han Duck-soo and the direction of its response to Trump's sweeping tariffs, Han's government has engaged with top US administration officials.

Han spoke to Trump last week in a phone call, while South Korea's top trade envoy met US Trade Representative Jamieson Greer to discuss lowering tariffs.

Trade and Industry Minister Ahn Duk-geun may travel to Washington next week for further talks, media reports said.

Choi said discussions between Trump and Han touched on the spirit of reaching a solution that meets the allies' mutual interests and includes cooperation in the shipbuilding sector and potential involvement in an Alaska gas pipeline project.

Seoul has previously indicated it was open to possible involvement in the gas project and that potential cooperation with Washington in the shipbuilding sector was a "very important card" in negotiations.

Trump's delay to some tariffs means the work of negotiating a trade arrangement to address the US president's claim of unfair trade will fall on a new South Korean president, who will take office immediately after the June 3 vote.

The tariff pause does not apply to the 25% duty that Trump imposed on steel and aluminium as well as vehicles.

South Korea is a leading global exporter of cars and steel to the United States.

Seoul announced on Tuesday an increase in its support package for its key semiconductor industry to 33 trillion won ($23.25 billion), amid growing policy uncertainty over US policies.

Trump said on Sunday he would be announcing the tariff rate on imported semiconductors over the next week, adding that there would be flexibility with some companies in the sector.