Under the co-chairmanship of Prince Abdualziz bin Salman bin Abdulaziz, Minister of Energy and his Russian counterpart Alexander Novak, the 9th extraordinary ministerial meeting of the OPEC+ (Producers of the organization and those outside it) has been held on Thursday, through the Webinar technique for holding meetings on the Internet. The meeting has welcomed, at the outset, the participation of Argentina, Columbia, Equador, Egypt, Indonesia, Norway, Trinidad and Tobago, in addition to the International Energy Forum, who have taken part, in the meeting, as observers. Participant states declared their intent to cooperate, including Opec member states and outside producers, have reached agreement on the following: 1 - Reassert ongoing commitment to the Declaration of Cooperation, in order to bring stability to the world oil markets, preserve it, the common interests of the producing countries, secure safe, economical and high-quality supplies for the consumers, with fair returns to invested capitals. Regarding the currently basic data and the agreed upon prospects of the markets, the participants have reiterated pledge towards the framework of the Declaration of Cooperation, co-signed on Dec. 10, 2016, which has been re-ratified during following meetings, in addition to the Cooperation Charter co-signed on July 03, 2019. 2 - Reducing 10 million b/d out of the total crude production, as of May the 1st, 2020, for 2-month, ending on June 30, 2020, followed by a reduction of 6 million b/d, for 16-month, as of January the 1st until April 30, 2022, with the production during Oct. 2018, taken as the benchmark for the amendments, except for both the Kingdom of Saudi Arabia and the Russian Federation, whose benchmark for each of them is 11 million b/d and the co-signed decision today, shall took effect up to April 30, 2022, however, extending the decision shall be reconsidered on Dec. 2021. 3 - Inviting all big oil producers to contribute to the endeavors exerted to bring stability to the market. 4 - Reasserting the role of the common ministerial committee on monitoring the production reduction accord and extending its mandate as well as membership, to accurately review the general conditions of the market, in addition to the production levels. 5 - Reasserting monitoring commitment to the Declaration of Cooperation shall be implemented on the crude oil production, based on information taken from secondary sources, in accordance with the approach implemented by the Opec member states. 6 - A meeting to be held on June 10, 2020, through the Webinar, shall decide extra measurements that might be required to bring about equilibrium, in the markets. Opec member states and outside of it producers reached that agreement and shared the Declaration of Cooperation, except Mexico, henceforth, the accord is conditioned to Mexico's approval.
