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03 Aug 2022

31st OPEC and non-OPEC Ministerial Meeting

 The 31st OPEC and non-OPEC Ministerial Meeting was held via videoconference on 3 August 2022.

The Meeting noted the dynamic and rapidly evolving oil market fundamentals, necessitating continuous assessment of market conditions.

The Meeting noted that the severely limited availability of excess capacity necessitates utilizing it with great caution in response to severe supply disruptions.

The Meeting noted that chronic underinvestment in the oil sector has reduced excess capacities along the value chain (upstream/midstream/downstream).

The Meeting highlighted with particular concern that insufficient investment into the upstream sector will impact the availability of adequate supply in a timely manner to meet growing demand beyond 2023 from non-participating non-OPEC oil-producing countries, some OPEC Member Countries and participating non-OPEC oil-producing countries. 

It noted that preliminary data for OECD commercial oil stocks level stood at 2,712 mb in June 2022, which was 163 mb lower than the same time last year, and 236 mb below the 2015-2019 average, and that emergency oil stocks have reached their lowest levels in more than 30 years.

The Meeting also noted that Declaration of Cooperation conformity has averaged 130% since May 2020, supported by voluntary contributions of some participating countries. 

Emphasizing the value and importance of maintaining consensus as essential to the cohesion of OPEC and participating non-OPEC oil-producing countries, and in view of the latest oil market fundamentals, the Participating Countries decided to:

  1. Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on the 18 July 2021.
     
  2. Adjust upward the production level for OPEC and non-OPEC Participating Countries by 0.1 mb/d for the month of September 2022 as per the attached table. This adjustment does not affect the baselines decided on the above-mentioned Meeting on 18 July 2021.
     
  3. Reiterate the critical importance of adhering to full conformity and to the compensation mechanism. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
     
  4. Hold the 32nd OPEC and non-OPEC Ministerial Meeting on 5 September 2022.