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Full text of the statement
The 22nd OPEC and non-OPEC Ministerial Meeting, held via videoconference, concluded on Thursday November 4 2021.
The meeting reaffirmed the continued
commitment of the Participating Countries in the Declaration of
Cooperation (DoC) to ensure a stable and a balanced oil market, the
efficient and secure supply to consumers and to provide clarity to the
market at times when other parts of the energy complex outside the
boundaries of oil markets are experiencing extreme volatility and
instability, and to continue to adopt a proactive and transparent
approach which has provided stability to oil markets. In view of current
oil market fundamentals and the consensus on its outlook, the Meeting
resolved 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 the 18 July
2021.
- Reconfirm 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 0.4 mb/d for the month of December 2021, as per the
attached schedule.
- 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 December 2021. Compensation
plans should be submitted in accordance with the statement of the 15th
OPEC and non-OPEC Ministerial Meeting.
- Hold the 23rd OPEC and non-OPEC Ministerial Meeting on 2 December 2021.
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