OPEC+ agreed on Wednesday to establish a mechanism for setting baselines for its 2027 oil production.
The 39th OPEC and non-OPEC Ministerial Meeting was convened in light of the continued commitment of the participating countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market.
The participants reaffirmed the Framework of the DoC, signed on December 10, 2016, and further endorsed in subsequent meetings.
They reaffirmed the level of overall crude oil production for OPEC and non-OPEC participating countries in the DoC as agreed in the 38th OPEC and non-OPEC Ministerial Meeting until December 31, 2026.
They reaffirmed the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the OPEC Secretariat. The JMMC meeting will be held every two months.
The participants underlined the JMMC’s authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.
They also reiterated the critical importance of adhering to full conformity and the compensation mechanism.
Furthermore, they mandated the OPEC Secretariat to develop a mechanism to assess participating countries’ maximum sustainable production capacity (MSC) to be used as reference for 2027 production levels for all DoC countries.
The 40th OPEC and non-OPEC Ministerial Meeting will be held on November 30.
