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Saudi Arabia’s Ministry of Energy said that, in light of the continued commitment of OPEC member states and non-OPEC producers participating in the Declaration of Cooperation to maintain stability in oil markets, the participating countries have decided to reaffirm the framework of the Declaration of Cooperation (DoC) signed on Dec. 10, 2016, and reconfirmed in subsequent meetings. 
They also reaffirmed the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as agreed in the 38th OPEC and non-OPEC Ministerial Meeting until Dec. 31, 2026.
The mandate of the Joint Ministerial Monitoring Committee (JMMC) was also reaffirmed to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the OPEC Secretariat.
The JMMC meeting is to be held every two months.
The JMMC’s authority was reaffirmed to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.
Additionally, they reaffirmed the critical importance of adhering to full conformity and the compensation mechanism.
Logo ofMinistry of Energy
Saudi Arabia’s Ministry of Energy said that, in light of the continued commitment of OPEC member states and non-OPEC producers participating in the Declaration of Cooperation to maintain stability in oil markets, the participating countries have decided to reaffirm the framework of the Declaration of Cooperation (DoC) signed on Dec. 10, 2016, and reconfirmed in subsequent meetings.
They also reaffirmed the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as agreed in the 38th OPEC and non-OPEC Ministerial Meeting until Dec. 31, 2026.
The mandate of the Joint Ministerial Monitoring Committee (JMMC) was also reaffirmed to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the OPEC Secretariat.
The JMMC meeting is to be held every two months.
The JMMC’s authority was reaffirmed to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.
Additionally, they reaffirmed the critical importance of adhering to full conformity and the compensation mechanism.
