04 Oct 2021
The 21st OPEC and non-OPEC Ministerial Meeting, held via videoconference, concluded on Monday, 4 October 2021.
In view of current oil market fundamentals and the consensus on its outlook, OPEC and participating non-OPEC oil producing countries:
- Reaffirmed 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.
- Reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of November 2021, as per the attached schedule.
- Reiterated the critical importance of adhering to full conformity and to the compensation mechanism taking advantage of the extension of the compensation period until the end of December 2021. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
- Will hold the 22nd OPEC and non-OPEC Ministerial Meeting on 4 November 2021.