The OPEC and Non-OPEC Participating Countries have resolved to adjust downward the overall production by 2 million barrels per day from the August 2022 required production levels, starting in November 2022.
The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and Non-OPEC Ministerial Meeting, which took place at the OPEC Secretariat in Vienna, Austria, on Wednesday, October 5, 2022 took the decision in the light of the uncertainty that surrounds the global economic and oil market outlooks.
According to the statement by the OPEC Secretariat, the meeting also 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 18 July 2021.
It also resolved to extend the duration of Declaration of Cooperation until the 31st of December 2023 and reconfirm the baseline adjustment approved at the 19th OPEC and non-OPEC Ministerial Meeting.
The meeting, according to the statement, also agreed to adjust the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC), while holding the OPEC and non-OPEC Ministerial Meeting (ONOMM) every 6 months in accordance with the ordinary OPEC scheduled conference.
It added that the meeting agreed to 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 as well
extend the compensation period to the 31st of March 2023 and that compensation plans should be submitted in accordance with the statement of the 15th OPEC and Non-OPEC Ministerial Meeting.
While reiterating the critical importance of adhering to full conformity of its resolutions, the meeting announced that the 34th OPEC and Non-OPEC Ministerial Meeting is scheduled for December 4, 2022.
Production table: Showing November 2022-December 2023
August 2022 Required Production, Voluntary Adjustment and
Voluntary Production:
Algeria 1,055 -48 1,007
Angola 1,525 -70 1,455
Congo 325 -15 310
Equatorial Guinea 127 -6 121
Gabon 186 -9 177
Iraq 4,651 -220 4,431
Kuwait 2,811 -135 2,676
Nigeria 1,826 -84 1,742
Saudi Arabia 11,004 -526 10,478
UAE 3,179 -160 3,019
Azerbaijan 717 -33 684
Bahrain 205 -9 196
Brunei 102 -5 97
Kazakhstan 1,706 -78 1,628
Malaysia 594 -27 567
Mexico 1753 0 1,753
Oman 881 -40 841
Russia 11,004 -526 10,478
Sudan 75 -3 72
South Sudan 130 -6 124
OPEC 10 26,689 -1,273 25,416
Non-OPEC 17,167 -727 16,440
OPEC+ 43,856 -2,000 41,856
GIK/APA