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The next ministerial meeting of the OPEC + group on October 4, 2021 to follow up on controlling the balance of the global oil market
At the 20th meeting of OPEC and its allies, the members decided to continue implementing the decision of the 19th session of their ministerial meeting, which stipulates an increase in oil production by 400,000 barrels / day from August to the end of October 2021.
The participants agreed to implement this initiative with “extreme caution”, given the optimism in the market to keep pace with the increase in economic activities, as well as the increase in the vaccination index across the world, which exceeds 30%, in addition to providing 5 million vaccination doses worldwide.
The overall compliance rate for the agreement to limit oil production concluded between OPEC and its allies reached 110% in August 2021, which is a high percentage that proves “the commitment of all signatory countries to the Declaration of Cooperation to enhance efforts to stabilize oil prices. The meeting praised the overall levels of compliance that allowed the stability and balance of the oil market.”
The participants in this meeting also reviewed several reports, the most important of which are related to global economic activity and the repercussions of the impact of the mutated virus delta, which has spread recently in many developing and developed countries, which disrupted the economy.
The meeting was characterized by complete consensus among the members, which gives good optimism to the market, but with caution, as the virus is still spreading.
It is worth noting that the meeting included representatives of 23 countries (13 OPEC countries and 10 non-OPEC members) that signed the cooperation declaration.
Also preceded by this meeting, the 32nd meeting of the Joint Ministerial Monitoring Committee (GMMC), which assesses the current oil market conditions in the short term, as well as the level of compliance with the production cut commitments of the signatory countries to the Declaration of Cooperation. The Inter-Ministerial Committee of OPEC member countries consists of: Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Nigeria, Venezuela and two non-OPEC countries, namely Russia and Kazakhstan.
The next ministerial meeting of OPEC and non-OPEC countries will be held on October 4, 2021.
