Press Releases
58th Meeting of the Joint Ministerial Monitoring Committee
03 Feb 2025 | The 58th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Monday, 03 February 2025.
189th Meeting of the OPEC Conference concludes
10 Dec 2024 | The 189th (Ordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened today, 10 December 2024, under the Chairmanship of its President, HE Marcel Abeke, Minister of Petroleum of the Gabonese Republic and Head of its Delegation.
Declaration of Cooperation reaches eight years
10 Dec 2024 | The Declaration of Cooperation between OPEC Member Countries and non-OPEC oil-producing countries has turned eight today, 10 December 2024.
189th OPEC Conference to take place on 10 December
05 Dec 2024 | The 189th (Ordinary) Meeting of the OPEC Conference will take place on Tuesday, 10 December 2024, via videoconference, under the presidency of HE Marcel Abeke, Minister of Petroleum, and President of the Conference for 2024.
The OPEC Conference Ministerial Meeting convenes twice a year to review the general affairs of the Organization and discuss key internal matters.
Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman held a virtual meeting on the sidelines of the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM)
05 Dec 2024 | OPEC plus countries Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which previously announced additional voluntary adjustments in April 2023 and November 2023 held a virtual meeting on the sideline of the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM).
The meeting was conducted to reinforce the precautionary efforts of OPEC+ countries, aiming to support the stability and balance of oil markets. The aforementioned countries decided, in addition to the latest decisions from the 38th ONOMM, to extend the additional voluntary adjustments of 1.65 million barrels per day that were announced in April 2023, until the end of December 2026.
Moreover, these countries will extend their additional voluntary adjustments of 2.2 million barrels per day, that were announced in November 2023, until the end of March 2025 and then the 2.2 million barrels per day adjustments will be gradually phased out on a monthly basis until the end of September 2026 to support market stability as per the attached table. This monthly increase can be paused or reversed subject to market conditions.
In the spirit of transparency and collaboration, the meeting welcomed the pledges made by the overproducing countries to achieve full conformity and resubmit their updated compensation schedule to the OPEC Secretariat for the overproduced volumes since Jan 2024 before the end of December 2024 as agreed in the 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC). The compensation period will be extended until the end of June 2026.
38th OPEC and non-OPEC Ministerial Meeting
05 Dec 2024 | In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (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 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 level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as agreed in the 35th OPEC and non-OPEC Ministerial Meeting, as per the attached table until 31 December 2026.
- 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.
- Extend the assessment period by the three independent sources to the beginning of November 2026, to be used as guidance for 2027 reference production levels.
- The countries participating in the Declaration of Cooperation (DoC) express their deepest gratitude to the Kingdom of Saudi Arabia for its exceptional leadership and unwavering commitment to global oil market stability. Under the chairmanship of HRH Prince Abdulaziz bin Salman Al Saud, the DoC countries have navigated challenges with strategic vision, fostering cohesion through consensus building efforts and ensuring balance and transparency in the oil market.
- Hold the 39th OPEC and non-OPEC Ministerial Meeting on 28 May 2025.
Notes:
(1) UAE required production has been increased by 300 kbd. This increase will be phased in gradually starting April 2025 until the end of September 2026.
(2) The required production level is before applying any additional production adjustments.
Historic Vienna Agreement turns eight
30 Nov 2024 | Today marks the eighth anniversary of the landmark ‘Vienna Agreement’ reached at the 171st Meeting of the OPEC Conference held on 30 November 2016 in Vienna, Austria.
57th JMMC Meeting and 38th ONOMM moved to 5 December
28 Nov 2024 |
OPEC and the Russian Federation highlight the importance of oil and energy markets stability in driving economic growth
22 Nov 2024 | [Joint Press Release] The Organization of the Petroleum Exporting Countries (OPEC) and the Russian Federation held the Ninth High-level Meeting of the OPEC-Russia Energy Dialogue today, 22 November 2024, in Moscow, the Russian Federation.
GECF and OPEC Strengthen Collaboration on Climate and Energy Issues at COP29 in Baku
19 Nov 2024 | [JOINT PRESS RELEASE] The Gas Exporting Countries Forum (GECF) and the Organization of the Petroleum Exporting Countries (OPEC) convened their third coordination meeting on 19 November 2024, during COP29 in Baku, Republic of Azerbaijan. The meeting underscored the ongoing cooperation between the two organizations and highlighted the significance of their collaboration in addressing the challenges of climate change and energy security.
Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman extend the 2.2 mbd voluntary adjustments for one month until end of December 2024
03 Nov 2024 | The OPEC Secretariat noted that the eight OPEC+ countries Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which previously announced additional voluntary adjustments in April and November 2023, have agreed to extend the November 2023 voluntary production adjustments of 2.2 million barrels per day for one month until the end of December 2024.
Fifth High-Level Meeting of the OPEC-GECF Energy Dialogue highlights the importance of oil and gas for prosperity and progress
10 Oct 2024 | [Joint Communique] The Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) held the Fifth High-Level Meeting of the OPEC-GECF Energy Dialogue on Thursday, 10 October 2024, via videoconference.
56th Meeting of the Joint Ministerial Monitoring Committee
02 Oct 2024 | The Joint Ministerial Monitoring Committee (JMMC) reviewed the crude oil production data for the months of July and August 2024 and current market conditions.
Algiers Accord turns eight: Historic testament to OPEC’s unwavering commitment to oil market stability
28 Sep 2024 | The historic Algiers Accord, signed by OPEC Member Countries in 2016 in Algiers, Algeria, reached eight years today.
OPEC launches WOO 2024 and sees global oil demand at over 120 mb/d in 2050
24 Sep 2024 | The 2024 OPEC World Oil Outlook (WOO) was launched today at the ROG.E conference in Rio de Janeiro, Brazil. First published in 2007, and now in its 18th edition, the Organization’s flagship annual publication offers a detailed review and assessment of the medium- and long-term prospects for the global oil and energy sectors.
