OPEC emphasizes need for improved refining capacity at 35th ministerial meeting.
OPEC and non-OPEC Participating Countries have decided to adjust the level of overall crude oil production to 40.46 mb/d, starting from January 2024 until December 2024, and reaffirm the Framework of the Declaration of Cooperation. The Joint Ministerial Monitoring Committee (JMMC) will closely review global oil market conditions, oil production levels, and the level of conformity with the DoC and this Statement, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC is to be held every two months, and the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in Vienna.