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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 (ONOMM) 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.
In reference to the decision of the 39th ONOMM, mandating the OPEC Secretariat to develop a mechanism to assess participating countries’ maximum sustainable production capacity (MSC) to be used as reference for the 2027 production baselines for all DoC countries, the Participating Countries approved the mechanism developed by the Secretariat.
They reaffirmed the framework of the Charter of Cooperation (CoC), signed on July 2, 2019, and request the OPEC Secretariat to develop a plan and convert it into programs to achieve the full objectives of the CoC, as it was originally mandated, and present it to the 41st OPEC and non-OPEC Ministerial Meeting.
The 41st OPEC and non-OPEC Ministerial Meeting will be held on June 7, 2026.
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