OPEC fosters stability on crude oil market


The Organisation of Petroleum Exporting Countries (OPEC) says it is dedicated to fostering stability in the crude oil market.

An OPEC and non-OPEC Ministerial Meeting in Vienna witnessed unanimous agreement and resolutions among participants for favourable momentum within the energy market and guaranteeing stability for stakeholders, including consumers and producers alike.

At the meeting, chaired by the OPEC President and Equatorial Guinea’s Minister of Mines and Hydrocarbons,

Antonio Oburu Ondo,  participating countries reaffirmed their dedication to the Framework of the Declaration of Cooperation (DoC) and the Charter of Cooperation, which have been instrumental in fostering collaboration between OPEC and non-OPEC nations.

One of the key agreements reached during the meeting was the adjustment of the overall crude oil production levels for OPEC and non-OPEC participating countries. Starting from January 1, 2024, until December 31, 2024, the production level will be set at 40.46 million barrels per day (mb/d).

The current market volatility has been a concern for all stakeholders, as it adversely affects both consumers and producers.

Recognising this, OPEC has taken a cautious and proactive approach, focusing on stabilising crude oil prices.

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