Vienna: Members and representatives of the 40th OPEC and non-OPEC ministerial meeting have affirmed their commitment to maintaining a stable oil market. In a recent statement, these countries reiterated their dedication to the Declaration of Cooperation (DoC), initially signed on December 10, 2016, and reinforced in subsequent meetings.
According to Kuwait News Agency, the Participating Countries have agreed to uphold the overall crude oil production levels as determined in the 38th OPEC and non-OPEC Ministerial Meeting, extending this commitment until December 31, 2026. The Joint Ministerial Monitoring Committee (JMMC) will continue to monitor global oil market conditions, production levels, and adherence to the DoC, with the assistance of the OPEC Secretariat. Meetings of the JMMC will occur every two months, with the possibility of additional meetings or ministerial gatherings to address market shifts as necessary.
The statement also emphasized the importance of full conformity and the compensation mechanism. In line with decisions from the 39th OPEC and non-OPEC Ministerial Meeting, the OPEC Secretariat has developed a mechanism to assess the maximum sustainable production capacity (MSC) of participating countries. This mechanism will serve as a reference for the 2027 production baselines for all DoC countries.
The framework of the Charter of Cooperation (CoC), signed on July 2, 2019, was reaffirmed. The OPEC Secretariat has been tasked with developing a plan to achieve the CoC's objectives, which will be presented at the 41st OPEC and non-OPEC Ministerial Meeting. The next ministerial meeting is scheduled for June 7, 2026.