Member countries of the Organisation of Petroleum Exporting Countries (OPEC) and their allies the non-OPEC, known as OPEC+ have agreed to ensure a stable global oil market.
The agreement was reached at the 22nd OPEC and non-OPEC Ministerial Meeting held via videoconference, which ended yesterday November 4, 2021.
The meeting reaffirmed the continued commitment of the participating countries in the Declaration of Cooperation (DoC) to ensure a stable and a balanced oil market, the efficient and secure supply to consumers and to provide clarity to the market at times when other parts of the energy complex outside the boundaries of oil markets are experiencing extreme volatility and instability.
They also agreed to continue to adopt a proactive and transparent approach which has provided stability to oil markets. In view of current oil market fundamentals and the consensus on its outlook, the meeting resolved to:
Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on the 18 July 2021.
Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 million barrels per day (mb/d) for the month of December 2021, as per the attached schedule.
Reiterate the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of December 2021. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
They agreed to hold the 23rd OPEC and non-OPEC Ministerial Meeting on 2 December 2021.
