32nd OPEC and non-OPEC Ministerial Meeting Held via Videoconference

OPEC+ ministerial panel to meet on Sept. 12 - sources
OPEC+ ministerial panel to meet on Sept. 12 - sources

The 32nd OPEC and non-OPEC Ministerial Meeting was held via videoconference on 5 September 2022.

The OPEC and Non-OPEC Ministerial Meeting noted the adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning.

The Meeting noted that higher volatility and increased uncertainties require continuous assessment of market conditions and readiness to make immediate adjustment to production in different forms, if needed, and that OPEC+ has the commitment, the flexibility, and the means within the existing mechanisms of the Declaration of Cooperation to deal with these challenges and provide guidance to the market.

The Meeting decided to:

1. Reaffirm the decision of the 10th OPEC and non-OPEC ministerial meeting on 12th April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial meeting on the 18th July 2021.

2. Revert to the production level of August 2022 for OPEC and non-OPEC participating countries for the month of October 2022, noting that the upward adjustment of 0.1 mb/d to the production level was only intended for the month of September 2022.

3. Request the Chairman to consider calling for an OPEC and non-OPEC Ministerial Meeting anytime to address market developments if necessary.

4. Reiterate the critical importance of adhering to full conformity and to the compensation mechanism. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.

5. Hold the 33rd OPEC and non-OPEC Ministerial Meeting on 5 October 2022.

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