At the  27th meeting of OPEC and non-OPEC Ministers, it was discussed how continued oil market fundamentals and consensus on the outlook pointed to a well-balanced market and how present volatility is caused by ongoing geopolitical developments rather than fundamentals. The following are the decisions made by the participating countries:

1. Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12th April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on the 18th July 2021.
2. Reconfirm the baseline adjustment, the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of May 2022, as per the attached schedule.
3. Reiterate the critical importance of adhering to full conformity and to the compensation mechanism taking advantage of the extension of the compensation period until the end of June 2022. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.

The 28th OPEC and non-OPEC Ministerial Meeting will be held on Thursday, 5 May 2022.