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13TH OPEC AND NON-OPEC MINISTERIAL MEETING

The Organization of the Petroleum Exporting Countries, OPEC HAS requested all underperforming participating countries to submit their plans for implementation of the required compensation for the overproduced volumes to the OPEC Secretariat by the 15 January 2021.
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The Organisation’s just ended 13th Ministerial Meeting held virtually, acknowledged the need to gradually return two million barrels per day (2 mb/d )to the market, with pace being determined by market conditions.
The Meeting reiterated the need to continue closely monitoring market fundamentals, including non-DECLARATION OF COOPERATION (DoC )supply and its impact on the global oil balance and overall market stability.
it also stressedthe critical importance of adhering to full conformity, and compensating the overproduced volumes
in order to achieve the objective of market rebalancing and avoid undue delay in the process.
It decided to hold the next Joint Ministerial Monitoring Committee (JMMC) Meeting on 3 February 2021

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