Riyadh, December 7, 2024 – In a continuing demonstration of the robust collaboration between OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC), the group reaffirmed its commitment to maintaining stability in the global oil market. This commitment reflects the nations' collective effort to guide the market toward long-term stability and ensure transparency, as they continue to adopt a proactive, precautionary, and preemptive approach in managing oil production.
At the core of the discussions was the reaffirmation of key agreements and frameworks central to the Declaration of Cooperation. Specifically, the group extended the framework set out by the Declaration of Cooperation, originally signed on December 10, 2016, and further solidified through subsequent meetings. Additionally, the Charter of Cooperation, which was signed on July 2, 2019, was also upheld, solidifying the strategic framework that governs the group’s collective actions.
One of the critical decisions made during the meeting was to extend the agreed-upon levels of crude oil production for OPEC and non-OPEC Participating Countries in the Declaration of Cooperation. This extension will remain in effect until December 31, 2026, in line with the production levels agreed upon in the 35th OPEC and non-OPEC Ministerial Meeting. This move aims to ensure continued stability in the oil market, providing a clear and predictable framework for production levels for several years.
The meeting also reaffirmed the critical role of the Joint Ministerial Monitoring Committee (JMMC), which will continue its mission of closely monitoring global oil market conditions, evaluating oil production levels, and ensuring conformity with the terms of the Declaration of Cooperation. The JMMC, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat, will meet every two months to review market developments and production compliance. The JMMC has been granted the authority to hold additional meetings or request an OPEC and non-OPEC Ministerial Meeting if deemed necessary to address any market changes or disruptions that may arise.
A further notable decision was the emphasis on the importance of adhering to full conformity with the agreed production levels. The group reiterated its commitment to the compensation mechanism, which will continue to be a crucial tool for maintaining compliance and ensuring that any over- or under-production is addressed effectively. The DoC will continue to be monitored based on crude oil production data from approved secondary sources, applying the methodology used for OPEC Member Countries.
The participating nations also extended the assessment period for three independent sources to the beginning of November 2026. This extension will provide valuable guidance for setting reference production levels for 2027 and beyond, ensuring that future oil market dynamics are appropriately managed.
In a significant gesture of appreciation, the participating countries expressed their deepest gratitude to the Kingdom of Saudi Arabia, particularly for the exceptional leadership demonstrated by HRH Prince Abdulaziz bin Salman Al Saud. Under his stewardship, the Declaration of Cooperation countries have successfully navigated numerous challenges, leveraging strategic vision and consensus-building efforts to foster cohesion. Saudi Arabia’s leadership has been instrumental in ensuring a balanced and transparent global oil market.
Looking ahead, the OPEC and non-OPEC Ministerial Meeting (ONOMM) will take place every six months, with the next meeting scheduled for May 28, 2025, marking another milestone in the ongoing efforts to achieve long-term stability in the oil market.
The extended cooperation and enhanced monitoring mechanisms reflect the group’s dedication to ensuring that the global oil market remains resilient, well-regulated, and conducive to sustainable growth, benefiting all participating nations and the global economy.