PHOTO
A general view shows an oil refinery in Zawia, 55km west of Tripoli December 18, 2013. Libya is stepping up fuel imports, with four tankers queuing at one port as the OPEC producer's second-largest refinery is running at only half its capacity due to oilfield strikes, a senior official said. A mix of militias, tribesmen and civil servants demanding political rights or a greater share of Libya's oil wealth have occupied several oilfields and ports, cutting exports to 110,000 barrels per day (bpd) from over 1 million bpd in July. The government has struggled to keep the 120,000-bpd refinery in Zawiya operating since protesters in October closed the El Sharara oilfield that feeds it. Since then, Zawiya has runs off existing stocks and supplies from the eastern Brega port, which officials have closed for exports for that reason. To match Interview LIBYA-OIL/REFINERY Picture taken December 18, 2013. REUTERS/Ismail Zitouny
RIYADH — The 38th OPEC and non-OPEC Ministerial Meeting, held on Thursday, expressed its deepest gratitude to Saudi Arabia for its exceptional leadership and unwavering commitment to maintaining global oil market stability. Saudi Minister of Energy Prince Abdulaziz bin Salman chaired the meeting of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC).
The meeting has navigated challenges with strategic vision and fostering cohesion through consensus building efforts and ensuring balance and transparency in the oil market, the OPEC+ said in a press statement on Thursday.
The meeting decided to extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as agreed in the 35th OPEC and non-OPEC Ministerial Meeting until 31 December 2026. The ministerial meeting reaffirmed the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC meeting is to be held every two months.
It is also decided to hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference. The countries agreed to grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.
The meeting reaffirmed that the DoC conformity is to be monitored considering crude oil production, using the average of the approved secondary sources, and according to the methodology applied for OPEC member countries. It reiterated the critical importance of adhering to full conformity and compensation mechanism.
The meeting also decided to hold the 39th OPEC and non-OPEC Ministerial Meeting on 28 May 2025. These decisions were taken in light of the continued commitment of these countries to achieve and sustain a stable oil market, and to provide long-term guidance and transparency for the market, and in line with the approach of being precautious, proactive, and pre-emptive.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
