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On September 5, local time, OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC producers held the 32nd ministerial meeting
by video.
In view of the current oil market situation and the consensus on its prospects, the parties reaffirmed the decision taken at the 10th Ministerial Meeting of OPEC and non-OPEC producers to reduce overall crude oil production and subsequent decisions, including the production adjustment plan and monthly production adjustment mechanism approved by the 19th Ministerial Conference of OPEC and non-OPEC oil producers, and decided to restore total oil production in October 2022 to August 2022 production levels, and noted that the production level will be increased by an average of 100,000 barrels per day (0.
1 mb/ d) Only valid for September 2022
.
The meeting requested the chair of the agency to consider convening a ministerial meeting between OPEC and non-OPEC oil producers whenever necessary to address market development issues
.
The Conference reaffirmed the importance of full compliance with and use of the compensation mechanism, which should be submitted
in accordance with the statement of the 15th Ministerial Meeting of OPEC and Non-OPEC Oil Producers.
The meeting also decided to hold the 33rd ministerial meeting
between OPEC and non-OPEC oil producers on 5 October this year.
