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14TH OPEC AND NON-OPEC MINISTERIAL MEETING ON OIL MARKET REBALANCING

The 14th OPEC AND NON OPEC MINISTERIAL Meeting SAYS OPEC and non-OPEC countries had withheld 2.3bn barrels of oil by end of January 2021, Which accelerated the oil market rebalancing.
The Meeting specially commended Nigeria for achieving full con-formity in January 2021, and compensating its entire overproduced vol-umes.

The ministers thanked Timipre Sylva, Minister of State for Petroleum Resources of Nigeria, for his shuttle diplomacy as Special Envoy of the joint ministerial monitoring committee (JMMC )to Congo, Equatorial Guinea, Gabon and South Sudan to discuss matters pertaining to conformity levels with the voluntary production ad-justments and compensation of over-produced volumes.

the Ministers agreed to the request by several countries, which have not yet completed their compensation, for an extension of the compensation period until end of July 2021.

It urged all participants to achieve full conformity and make up for pervi-ous compensation shortfalls, to reach the objective of market rebalancing and avoid undue delay in the process.

The 14th Meeting of OPEC and non-OPEC Ministerial meeting took place via vid-eo conference on under the Chairmanship of Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-Chair HE Alexander Novak, Deputy Prime Minister of the Russian Federation.

The Meeting applauded the ongoing positive contributions of the Decla-ration of Cooperation (DoC) in supporting a rebalancing of the global oil market in line with the historic decisions taken at the 10th (Extraordi-nary) OPEC and non-OPEC Ministerial Meeting in 2020 to ad-just downwards overall crude oil production and subsequent decisions.

The Ministers also commended the significant voluntary extra sup-ply reduction made by Saudi Arabia, which took effect on February first for two months, which supported the stability of the market.

The Meeting applauded the positive performance of participating countries.

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