Vienna: In a concerted effort to maintain a stable oil market, OPEC and non-OPEC member countries have reiterated their commitment to the existing Declaration of Cooperation. This reaffirmation was a key outcome of the 40th OPEC and non-OPEC Ministerial Meeting, highlighting the ongoing commitment to the cooperative framework established in December 2016.
According to Saudi Press Agency, the participating countries have agreed to uphold the current crude oil production levels as determined during the 38th Ministerial Meeting, continuing this arrangement through the end of 2026. The Joint Ministerial Monitoring Committee (JMMC) has been mandated to monitor global oil market conditions and production levels, ensuring adherence to the Declaration of Cooperation. The JMMC will convene bi-monthly and has been granted the authority to call additional meetings or an OPEC and non-OPEC Ministerial Meeting to address market developments as necessary.
The meeting also emphasized the importance of full compliance with the agreed terms and the compensation mechanism. Following the directive from the 39th Ministerial Meeting, the OPEC Secretariat has developed a mechanism to assess each participating country's maximum sustainable production capacity. This mechanism will serve as a reference for the 2027 production baselines.
Additionally, the framework of the Charter of Cooperation, signed in July 2019, was reaffirmed. The OPEC Secretariat has been tasked with developing a plan to achieve the full objectives of this charter, with progress to be presented at the 41st OPEC and non-OPEC Ministerial Meeting, scheduled for June 7, 2026.