The 32nd OPEC and non-OPEC Ministerial Meeting agreed that the current oil market has been impacted by volatility and a loss in liquidity, and the stability and effective operation of the market must be supported.
Higher volatility and greater uncertainties, according to OPEC, necessitate ongoing market monitoring and the readiness to immediately adjust production in various ways, if necessary.
OPEC+, however, asserted that it has the commitment, flexibility, and resources necessary to address these issues within the framework of the Declaration of Cooperation’s existing mechanisms.
The next meeting will take place on October 5, 2022.
Al the end, the Group decided 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.
- Revert to the production level of August 2022 for OPEC and non-OPEC Participating Countries for the month of October 2022 as per the attached table, noting that the upward adjustment of 0.1 mb/d to the production level was only intended for the month of September 2022.
- Request the Chairman to consider calling for an OPEC and non-OPEC Ministerial Meeting anytime to address market developments, if necessary.
- Reiterate the critical importance of adhering to full conformity and to the compensation mechanism. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.