The Organisation of the Petroleum Exporting Countries has called on oil producing countries to maintain the stability of the global oil market in the light of emerging realities of the global economy.
The Meeting reaffirmed the continued commitment of the participating producing countries in the Declaration of Cooperation to a stable market, the mutual interest of producing nations, the efficient, economic and secure supply to consumers, and a fair return on invested capital. It welcomed the positive performance in overall conformity levels to the production adjustments since it last met in June, and the constructive response from many countries to the compensation mechanism in accommodating their underperformed volumes as agreed at the June ministerial meetings, and later amended in September 2020.
In light of the current oil market fundamentals and the outlook for 2021, the Meeting agreed to reconfirm the existing commitment under the DoC decision from 12 April 2020, then amended in June and September 2020, to gradually return 2 mb/d, given consideration to market conditions.