The OPEC and non-OPEC Ministerial Meeting recognized the negative impact of volatility and a downturn in liquidity on the current oil market, as well as the need to facilitate market growth and efficiency.
The Meeting observed that rising volatility and steadily increasing instabilities necessitate an ongoing evaluation of market conditions and a preparedness to make major adaptations to production in various forms, if necessary, and that OPEC+ has the dedication, versatility, and means to deal with these issues as well as provide market assistance inside the existing systems of the Declaration of Cooperation.
Here are the deliberations;
- Uphold the action of the 10th OPEC and non-OPEC Ministerial Meeting on April 12, 2020, which was further approved in subsequent meetings, such as the 19th OPEC and non-OPEC Ministerial Meeting on July 18, 2021.
- Switch back to the August 2022 production level for OPEC and non-OPEC Participating Nations for the month of October 2022, noting that the 0.1 mb/d upward revision to the level of production was only meant for the month of September 2022.
- If necessary, ask that the Chairman consider holding meetings of an OPEC and non-OPEC Ministerial Meeting to examine market dynamics.
- Emphasize the huge role of conformity and the compensation mechanism. Incentives and rewards should be submitted in accordance with the 15th OPEC and non-OPEC Ministerial Meeting statement.
- On October 5, 2022, hold the 33rd OPEC and non-OPEC Ministerial Meeting.
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