RIYADH — OPEC and non-OPEC oil producing countries arrived at an agreement to continue their commitment of sustaining a stable oil market at the 9th Extraordinary OPEC and non-OPEC Ministerial Meeting that was held via webinar on Thursday.

The meeting was held under the Chairmanship of Minister of Energy Prince Abdul Aziz Bin Salman and co-Chair Alexander Novak, minister of energy of the Russian Federation.

The meeting welcomed Argentina, Colombia, Ecuador, Egypt, Indonesia, Norway, Trinidad and Tobago and the International Energy Forum (IEF) as observers.

In the meeting, the OPEC and non-OPEC oil producing countries reaffirmed their continued commitment in the Declaration of Cooperation to achieve and sustain a stable oil market, look out for the mutual interest of producing nations, set out an efficient, economic, and secure supply to consumers for a fair return on invested capital.

In view of the current fundamentals and the consensus on market perspectives, the participating countries agreed to:

• Reaffirm the Framework of the Declaration of Cooperation, signed on Dec. 10 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on July 2 2019.

• Adjust downwards their overall crude oil production by 10.0 mb/d, starting on May 1, 2020, for an initial period of two months that concludes on June 30, 2020.

For the subsequent period of 6 months, from July 1, 2020 to Dec. 31, 2020, the total adjustment agreed will be 8.0 mb/d. It will be followed by a 6.0 mb/d adjustment for a period of 16 months, from Jan. 1, 2021 to April 30, 2022.

The baseline for the calculation of the adjustments is the oil production of October 2018, except for Saudi Arabia and The Russian Federation, both with the same baseline level of 11.0 mb/d.

The agreement will be valid until April 30, 2022, however, the extension of this agreement will be reviewed during December 2021.

• Call upon all major producers to contribute to the efforts aimed at stabilizing market.

• Reaffirm and extend the mandate of the Joint Ministerial Monitoring Committee (JMMC) and its membership, to closely review general market conditions, oil production levels and the level of conformity with the Declaration of Cooperation and this Statement, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat.

• Reaffirm that the Declaration of Cooperation conformity is to be monitored considering crude oil production, based on the information from secondary sources, according to the methodology applied for OPEC Member Countries.

• Meet on June 10, 2020 via webinar to determine further actions as needed to balance the market.

The above was agreed by all the OPEC and non-OPEC oil producing countries participating in the extraordinary meeting with the exception of Mexico, and as a result, the agreement is conditional on the consent of Mexico. — SPA