OPEC held its previous meeting, the 187th Meeting of the OPEC Conference via videoconference on 30 November 2023 along with the 51st Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 36th OPEC and non-OPEC Ministerial Meeting (ONOMM).

The newest meeting of OPEC’s ministerial meeting take place today at a time when the organization in cooperation with its allies, 10 non-OPEC members, has managed to bring relative stability to the oil market over the past six months through measured initiatives which include setting a ceiling oil production as well as voluntary cuts.

Meanwhile, the 36th OPEC and non-OPEC Ministerial Meeting (ONOMM), in its statement, issued on 30 November 2023, reaffirmed the continued commitment of the Participating Countries in the Declaration of Cooperation (DoC) to ensure a stable and balanced oil market.

The meeting also reaffirmed the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings including the 35th OPEC and Non-OPEC Ministerial Meeting on 4 June 2023; as well as the Charter of Cooperation, signed on 2 July 2019.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, are known collectively as OPEC+ and will discuss their joint oil production policy today. OPEC+ has made a series of cuts since late 2022 amid rising output from the United States and other non-members.

The group is currently cutting output by a total of 5.86 million barrels per day (bpd). The cuts include 3.66 million bpd by OPEC+ members valid through to the end of 2024, and 2.2 million bpd of voluntary cuts by some members which expire at the end of June.