23rd ONOMM Meeting Raise overall Production, by 0.4 mb/d for Jan. 2022

The 23rd OPEC and non-OPEC Ministerial Meeting (ONOMM), was held, via videoconference, on Thursday December 2, 2021.  

It reaffirmed the continued commitment of the Participating Countries in the Declaration of Cooperation (DoC) to ensure a stable and balanced oil market.

In the light of current oil market fundamentals, the meeting resolved to:

1. Reaffirm the decision of the 10th ONOMM on April 12, 2020 and further decisions endorsed, in subsequent meetings, including the 19th ONOMM on July 18, 2021.
2. Reconfirm the production adjustment plan and the monthly production adjustment mechanism, approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of January 2022, as per the attached schedule.
3. Agree that the meeting shall remain in session, pending further developments of the pandemic and continue to monitor the market closely, and make immediate adjustments if required.
4. Extend the compensation period until the end of June 2022, as requested by some underperforming countries and request that underperforming countries submit their plans, by December 17, 2021. Compensation plans should be submitted, in accordance with the statement of the 15th ONOMM.
5. Reiterate the critical significance of adhering to full conformity and to the compensation mechanism.
6. Hold the 24th OPEC and non-OPEC Ministerial Meeting on January 4, 2022.