Saudi Energy Minister Prince Abdulaziz said the cut of 1 million barrels per day (mb/d) by Riyadh could be extended beyond July if needed. "This is a Saudi lollipop," he said.

In light of the continued commitment of the OPEC and Non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, and to provide long-term guidance for the market, and in line with the successful approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and Non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to:

1. Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on 2 July 2019.

2. Adjust the level of overall crude oil production for OPEC and Non-OPEC Participating Countries in the DoC to 40.46 mb/d, starting 1 January  2024 until 31 December 2024, which to be distributed as per the attached table.

3. Reaffirm and extend the mandate of the Joint Ministerial Monitoring Committee (JMMC) and its membership, to closely review global oil market conditions, oil production levels, and the level of conformity with the  DoC and this Statement, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC is to be held every two months.

4. Hold the OPEC and Non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference.

5. Grant the JMMC the authority to hold additional meetings, or to request an OPEC and Non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.

6. Reaffirm that the DoC conformity is to be monitored considering crude oil production, based on the information from secondary sources, and according to the methodology applied for OPEC Member Countries.

7. Reiterate the critical importance of adhering to full conformity, and subscribe to the concept of compensation by those countries who produce above the required production level as per the attached table, in addition to their already decided production levels.

8. Hold the 36th OPEC and Non-OPEC Ministerial Meeting on Sunday 26 November 2023, in Vienna.

Notes

By end June 2024, all OPEC and Non-OPEC Participating Countries in the Declaration of Cooperation will go through an assessment by three independent sources (IHS, Wood Mackenzie, and Rystad Energy) specialized in oil upstream sources in order to identify countries’ production capacities to be used for 2025 reference production levels. The OPEC Secretariat will coordinate the assessment while maintaining the independency of the three sources (IHS, Wood Mackenzie and Rystad Energy).

* Angola’s stated production plan for 2024 is subject to verification by the three abovementioned sources by the next ordinary ONOMM to be held by the end of 2023, and if verified then the number will be maintained.

** The required production level for Congo and Nigeria may be updated to equal the average production that can be achieved in 2024, as assessed by the three independent sources (IHS, Wood Mackenzie, and Rystad Energy) specialized in oil upstream by the next ONOMM to be held by the end of 2023. Noting that Nigeria’s stated Production Plan in 2024 is 1,578 kbd subject to verification, and if verified then the number will be reflected as required production for 2024.

*** This level was the required production level for the month of February 2023, as assessed by the average of the secondary sources, and is subject to revision by June 2023 as the country is currently working with the secondary sources to update production figures

OPEC Press Release