35th OPEC and Non-OPEC Ministerial Meeting

During the 35th OPEC and non-OPEC Ministerial Meeting, participants reaffirmed agreements such as the Framework of the Declaration of Cooperation and the Charter of Cooperation. They made adjustments to the overall crude oil production level, setting it at 40.46 million barrels per day for the period of January 2024 to December 2024. The mandate of the Joint Ministerial Monitoring Committee (JMMC) was extended to regularly review global oil market conditions with the assistance of the Joint Technical Committee and the OPEC Secretariat. Additional meetings can be called to address market developments, while conformity will be monitored using secondary sources. The concept of compensation for countries exceeding production levels was endorsed, and the 36th OPEC and non-OPEC Ministerial Meeting is scheduled for November 26, 2023, in Vienna.