On Wednesday, OPEC+ announced it would cut oil production by 2 million barrels per day, the biggest reduction since the outbreak.

In Vienna, the 45th Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and Non-OPEC Ministerial Meeting were held in person.

As a result, the Declaration of Cooperation has been extended until December 31, 2023.

At the 10th OPEC and non-OPEC Ministerial Meeting on April 12, 2020, the group reaffirmed the decision, which was endorsed at subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on July 18, 2021.

In light of the uncertainty surrounding the global economy and oil market outlooks, as well as the need to enhance long-term guidance for the oil market, the group decision has been made. The Declaration of Cooperation has consistently adopted an approach of being proactive and preemptive, adopted consistently by both OPEC and non-OPEC participating countries.

Joint Ministerial Monitoring Committee (JMMC) meetings were moved to every two months, and OPEC and non-OPEC Ministerial Meeting (ONOMM) meetings were moved to every six months in accordance with OPEC's regular schedule.

On Dec. 4, 2022, the 34th OPEC and Non-OPEC Ministerial Meeting will be held.