In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, the participating countries decided to:
Reaffirm the Framework of the Declaration of Cooperation, signed on December 10, 2016 and further endorsed in subsequent meetings.
Reaffirm 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 December 31, 2026.
Reaffirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) 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.
Reaffirm the JMMC’s authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.
Reiterate the critical importance of adhering to full conformity and the compensation mechanism.
Affirm the importance of completing the maximum sustainable production capacity (MSC) assessment for all DoC countries to be used as reference for 2027 production baselines.
Endorse the plan developed by OPEC Secretariat to achieve the objectives of the Charter of Cooperation (CoC), which was signed on July 2, 2019.
Hold the 42nd OPEC and non-OPEC Ministerial Meeting on November 29, 2026.
Source: Riyadh Daily