{"id":148610,"date":"2022-10-05T16:16:37","date_gmt":"2022-10-05T23:16:37","guid":{"rendered":"https:\/\/new.thepinetree.net\/?p=148610"},"modified":"2022-10-05T16:16:37","modified_gmt":"2022-10-05T23:16:37","slug":"opec-to-cut-oil-production-2-million-barrels-per-day","status":"publish","type":"post","link":"https:\/\/new.thepinetree.net\/?p=148610","title":{"rendered":"OPEC to Cut Oil Production 2 Million Barrels Per Day"},"content":{"rendered":"

Vienna, Austria…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, Austria, on Wednesday, 5 October 2022.\u00a0 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 pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to:<\/p>\n

\"\"<\/a><\/p>\n

    \n
  1. Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021.<\/li>\n
  2. Extend the duration of the Declaration of Cooperation until 31 December 2023.<\/li>\n
  3. Adjust downward the overall production by 2 mb\/d\u00a0from the August 2022 required production levels, starting November 2022 for OPEC and non-OPEC Participating Countries as per the attached table.<\/li>\n
  4. Reconfirm the baseline adjustment approved at the 19th OPEC and non-OPEC Ministerial Meeting.<\/li>\n
  5. Adjust the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC).<\/li>\n
  6. Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference.<\/li>\n
  7. Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments if necessary.<\/li>\n
  8. Extend the compensation period to 31\u00a0March 2023. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.<\/li>\n
  9. Reiterate the critical importance of adhering to full conformity.<\/li>\n
  10. Hold the 34th OPEC and non-OPEC Ministerial Meeting on 4 December 2022.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    Vienna, Austria…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, Austria, on Wednesday, 5 October 2022.\u00a0 In light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the […]<\/p>\n","protected":false},"author":1,"featured_media":148617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_cbd_carousel_blocks":"[]","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,20,1],"tags":[],"class_list":["post-148610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-featured","category-news","last_archivepost"],"jetpack_featured_media_url":"https:\/\/new.thepinetree.net\/wp-content\/uploads\/2022\/10\/opeccuts.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/148610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=148610"}],"version-history":[{"count":1,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/148610\/revisions"}],"predecessor-version":[{"id":148618,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/148610\/revisions\/148618"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/media\/148617"}],"wp:attachment":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=148610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=148610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=148610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}