The 37th OPEC and non-OPEC Ministerial Meeting decided to extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) starting 1 January 2025 until 31 December 2025.
Participating Countries also agreed to grant the UAE a new reference production level of 3.519 million barrels per day in 2025, equivalent to an increase of 300,000 barrels per day, to be gradually implemented from January 2025 to September 2025.
The total voluntary cuts adopted by some member countries reached 2.2 million barrels per day, while the total cuts of OPEC+ members amount to 5.86 million barrels per day, which have been extended until the end of next year.
Required cumulative investment in the upstream, midstream and downstream is $14 trillion through to 2045, or around $610 billion each year. pic.twitter.com/CgE7xRtt15
— OPEC (@OPECSecretariat) August 17, 2024
An OPEC statement said today’s decisions came in light of the continued commitment of the OPEC and non-OPEC Participating Countries in the DoC to achieve and sustain a stable oil market, and to provide long-term guidance and transparency for the market, and in line with the approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation.
The Participating Countries also decided to:
- Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings, as well as the Charter of Cooperation, signed on 2 July 2019.
- Extend the assessment period by the three independent sources to the end of November 2025, to be used as guidance for 2026 reference production levels.
- Reaffirm 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 Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC meeting is to be held every two months.
- Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference.
- Grant the JMMC the 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.
- Reaffirm that the DoC conformity is to be monitored considering crude oil production, using the average of the approved seven secondary sources, and according to the methodology applied for OPEC Member Countries.
- Reiterate the critical importance of adhering to full conformity and compensation mechanism.
- Hold the 38th OPEC and non-OPEC Ministerial Meeting on 1 December 2024.
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