Iran Press/ Europe: The meeting was held via video conference under the chairmanship of Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, and Co-Chair Deputy Prime Minister of the Russian Federation, Alexander Novak.
Following the conclusion of the meeting, it was noted that continuing oil market fundamentals and the consensus on the outlook pointed to a well-balanced market and that current volatility is not caused by fundamentals but by ongoing geopolitical developments.
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The OPEC and participating non-OPEC oil-producing countries decided to:
1. Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12th April 2020 and further endorse it in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on the 18th July 2021.
2. Reconfirm the baseline adjustment, production adjustment plan, and monthly adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust the monthly overall production by 0.432 mb/d for May 2022, as per the attached schedule.
3. 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 June 2022. Compensation plans should be submitted by the 15th OPEC and non-OPEC ministerial meeting statement.
4. Hold the 28th OPEC and non-OPEC Ministerial Meeting on 5 May 2022.
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