33rd OPEC and non-OPEC Ministerial Meeting The 45th Meeting of...

33rd OPEC and non-OPEC Ministerial Meeting

The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and Non-OPEC Ministerial Meeting took place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022.

In light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and preemptive, which has been consistently adopted by OPEC and Non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to:

1. 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 18 July 2021.
2. Extend the duration of Declaration of Cooperation until the 31st of December 2023
3. Adjust downward the overall production by 2 mb/d, from the August 2022 required production levels, starting November 2022 for OPEC and Non-OPEC Participating Countries as per the attached table.
4. Reconfirm the baseline adjustment approved at the 19th OPEC and non-OPEC Ministerial Meeting.
5. Adjust the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC).
6. Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every 6 months in accordance with the ordinary OPEC scheduled conference.
7. Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments if necessary.
8. Extend the compensation period to the 31st of March 2023. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and Non-OPEC Ministerial Meeting.
9. Reiterate the critical importance of adhering to full conformity.
10. Hold the 34th OPEC and Non-OPEC Ministerial Meeting on 4 December 2022.

https://www.opec.org/opec_web/en/press_room/7021.htm