The 34th OPEC and non-OPEC Ministerial Meeting has resolved to maintain its current crude oil production level and retain the two million barrels per day cut until the end of 2023.
The statement by the OPEC Secretariat after the meeting, which took place by videoconference on Sunday, December 4, 2022, said that the resolution was in line with the decision of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022.
It explained that that decision was purely driven by market considerations and recognized in retrospect by the market participants to have been the necessary and the right course of action towards stabilizing global oil markets; and adhering to the approach of being proactive and pre-emptive.
It stated that the Participating Countries reiterated their readiness to meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary.
The meeting also reiterated the critical importance of adhering to full conformity and compensation mechanism taking advantage of the extension approved on the 33rd OPEC and non-OPEC Ministerial Meeting.
It added that the meeting agreed to hold the 35th OPEC and non-OPEC Ministerial Meeting on June 4, 2023.
GIK/APA