Vienna: The 39th OPEC and non-OPEC Ministerial Meeting was held to reinforce the commitment of participating countries under the Declaration of Cooperation (DoC) to maintain a stable oil market. Key decisions were made during the meeting, which underscored the continuous efforts to support global oil market stability.
According to Saudi Press Agency, the participating countries reaffirmed the Framework of the DoC, initially signed on December 10, 2016, and subsequently endorsed in later meetings. They also confirmed the overall crude oil production levels for OPEC and non-OPEC countries, as agreed upon in the 38th Ministerial Meeting, to remain in effect until December 31, 2026.
The Joint Ministerial Monitoring Committee (JMMC) was tasked with closely monitoring global oil market conditions, production levels, and adherence to the DoC, with the support of the OPEC Secretariat. The JMMC will convene every two months and has the authority to call additional meetings or request a Ministerial Meeting if necessary to address market changes.
The meeting reiterated the importance of full conformity and the compensation mechanism. Additionally, the OPEC Secretariat was instructed to create a mechanism to evaluate the maximum sustainable production capacity of participating countries, which will serve as a reference for 2027 production levels for all DoC members.
The 40th OPEC and non-OPEC Ministerial Meeting is scheduled for November 30, 2025.