OPEC+ agreed to stick to its oil output targets at a meeting on Sunday.
The Participating Countries reiterated their readiness to meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary.
The announcement is in line with the decision of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation at their 33rd meeting that was held on October 5.
The decisions of that meeting were purely driven by market considerations and recognized in retrospect by the market participants to have been the necessary and the right course of action towards stabilizing global oil markets and adhering to the approach of being proactive and pre-emptive.
The Participating Countries decided to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on April 12, 2020. They further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on July 18, 2021 and the meeting on October 5.
This includes the adjustment of the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC) and the authority of the JMMC to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments if necessary.
They reiterated the critical importance of adhering to full conformity and compensation mechanism taking advantage of the extension approved on October 5.
They agreed to hold the 35th OPEC and non-OPEC Ministerial Meeting on June 4, 2023 and the 47th meeting of the Joint Ministerial Monitoring Committee on February 1, 2023.