OPEC+ announced on Wednesday that it will cut oil production by 2 million barrels per day, the biggest cut since the start of the pandemic. The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and Non-OPEC Ministerial Meeting took place in person at the OPEC Secretariat in Vienna. It extended the duration of Declaration of Cooperation until the Dec.31, 2023. The group reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on Apr.12, 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on July 18, 2021. The group decision comes in light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and preemptive, which has been consistently adopted by OPEC and Non-OPEC Participating Countries in the Declaration of Cooperation. They adjusted the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC) and to hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every 6 months in accordance with the ordinary OPEC scheduled conference. The group agreed to hold the 34th OPEC and Non-OPEC Ministerial Meeting on Dec.4, 2022.
