On October 5, local time, the 45th Ministerial Joint Supervisory Committee Meeting of the Organization of the Petroleum Exporting Countries (OPEC) and the 33rd Ministerial Meeting of OPEC and non-OPEC oil-producing countries were held in Vienna, Austria.
The meeting pointed out that in view of the uncertainty of the global economy and the oil market outlook, and the need to strengthen the long-term guidance for the oil market, the parties reaffirmed the reduction of overall crude oil production made at the 10th Ministerial Meeting of OPEC and non-OPEC oil-producing countries. The decision and follow-up decisions, including the production adjustment plan and the monthly production adjustment mechanism approved by the 19th OPEC and non-OPEC ministerial meeting.
It was decided that from November 2022, OPEC and non-OPEC oil producers will reduce their total oil production by an average of 2 million barrels per day (2mb/d).
The meeting reiterated the importance of fully complying with and utilizing the compensation mechanism, extending the compensation period until March 31, 2023.
The meeting also decided to hold the 34th ministerial meeting of OPEC and non-OPEC oil-producing countries on December 4.
(Headquarters reporter Zhang Jinghao)