The Organisation of Petroleum Exporting Countries, OPEC and its allies, widely known as OPEC+, have resolved to retain the present two million barrels per day, bpd, production quota.
The decision was taken at the 34th OPEC and non-OPEC Ministerial Meeting, which took place by videoconference on Sunday, December 4, 2022.
“The Participating Countries 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 and the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022, including the adjustment of the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC) and the authority of the JMMC to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments if necessary.
“Reiterate the critical importance of adhering to full conformity and compensation mechanism taking advantage of the extension approved on the 33rd OPEC and non-OPEC Ministerial Meeting. Hold the 35th OPEC and non-OPEC Ministerial Meeting on 4 June 2023.”
