20th OPEC and non-OPEC Ministerial Meeting

OPEC (September 1, 2021)—The 20th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, concluded on Wednesday, 1 September 2021.

The Meeting noted that, while the effects of the COVID-19 pandemic continue to cast some uncertainty, market fundamentals have strengthened and OECD stocks continue to fall as the recovery accelerates.

The Meeting welcomed the positive performance of Participating Countries in the Declaration of Cooperation (DoC). Overall conformity to the production adjustments was 110% in July including Mexico (109% without Mexico), reinforcing the trend of high conformity by Participating Countries.

In view of current oil market fundamentals and the consensus on its outlook, the Meeting resolved to:

  1. Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial meeting on 12 April 2020 and further endorsed in subsequent meetings, including the 19th ONOMM on 18 July 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 October 2021.
     
  3. Extend the compensation period until the end of December 2021 as requested by some underperforming countries and request that underperforming countries submit their compensation plans by 17 September 2021. Compensation plans should be submitted in accordance with the statement of the 15th ONOMM.
     
  4. Reiterate the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of December 2021.
  1. Hold the 21st OPEC and non-OPEC Ministerial Meeting on 4 October 2021.

Price of OPEC

Vienna, Austria, 1 September 2021–The price of OPEC basket of thirteen crudes stood at $71.43 a barrel on Tuesday, compared with $71.88 the previous day, according to OPEC Secretariat calculations (view archives).

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Source: OPEC

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