On September 1, 2021, the virtual 20th OPEC and non-OPEC Ministerial Meeting (ONOMM) came to an end.
Although the consequences of the COVID-19 pandemic continue to throw some doubt, market fundamentals have strengthened, and Organisation for Economic Co-operation and Development (OECD) stocks continue to fall as the recovery advances.
The Meeting praised the Participating Countries’ positive performance in the Declaration of Cooperation (DoC). In July, overall adherence to the production adjustments was 110% (109% without Mexico), continuing the trend of high conformance across Participating Countries.
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 ONOMM on 18 July 2021.
- Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for October 2021.
- Extend the compensation period until the end of December 2021 as requested by some underperforming countries and request that underperforming countries submit their compensation plans by 17 September 2021. Compensation plans should be submitted per the statement of the 15th ONOMM.
- Reiterate the critical importance of adhering to full conformity and the compensation mechanism, taking advantage of the extension of the compensation period until the end of December 2021.
The 21st OPEC and non-OPEC Ministerial Meeting will hold on Sunday, 4th October 2021.