{"id":11156,"date":"2022-10-26T13:39:23","date_gmt":"2022-10-26T12:39:23","guid":{"rendered":"https:\/\/republic-congo.com\/?p=11156"},"modified":"2023-07-04T14:34:43","modified_gmt":"2023-07-04T13:34:43","slug":"33rd-opec-and-non-opec-ministerial-meeting-05-10-2022","status":"publish","type":"post","link":"https:\/\/republic-congo.com\/en\/33rd-opec-and-non-opec-ministerial-meeting-05-10-2022\/","title":{"rendered":"33rd OPEC and non-OPEC Ministerial Meeting &#8211; 05.10.2022"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"11156\" class=\"elementor elementor-11156\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9de1e68 e-flex e-con-boxed e-con e-parent\" data-id=\"9de1e68\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-11bd5d6 elementor-widget elementor-widget-text-editor\" data-id=\"11bd5d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The <a href=\"https:\/\/www.opec.org\/opec_web\/en\/press_room\/7021.htm\"><strong>33rd OPEC and non-OPEC Ministerial Meeting<\/strong><\/a> on 5 October 2022 was a significant event that took place at the OPEC Secretariat in Vienna, Austria. The meeting was attended by representatives of 23 oil-producing countries that are part of the Declaration of Cooperation. This Declaration is a voluntary agreement to adjust their oil production levels in order to stabilize the global oil market. The meeting was held amid uncertainty and volatility in the oil market, caused by factors such as the COVID-19 pandemic, geopolitical tensions, supply disruptions, and demand fluctuations. The meeting resulted in several important decisions that aimed to enhance the long-term guidance for the oil market and ensure its balance and stability.&nbsp;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3f0c31a elementor-widget elementor-widget-heading\" data-id=\"3f0c31a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Some of the key decisions were:<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-db53b44 elementor-widget elementor-widget-text-editor\" data-id=\"db53b44\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>&#8211; The Declaration of Cooperation is to be extended until 31 December 2023 to ensure continued commitment and progress.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8d06d47 elementor-widget elementor-widget-text-editor\" data-id=\"8d06d47\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>&#8211; Beginning in November 2022, OPEC and\u00a0non-OPEC Participating Countries are required to reduce their overall production by 2 million barrels per day (mb\/d) from the August 2022 production\u00a0levels.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a63bc00 elementor-widget elementor-widget-text-editor\" data-id=\"a63bc00\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>&#8211; The Joint Ministerial Monitoring\u00a0Committee (JMMC) monthly meetings were adjusted, shifting them to occur every\u00a0two months instead. This will assist the Committee in reviewing and ensuring\u00a0the Declaration of Cooperation is being successfully implemented. Also, In\u00a0keeping with the ordinary OPEC scheduled conference, the OPEC and Non-OPEC Ministerial Meeting (ONOMM) will be held every six months.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ea41e84 elementor-widget elementor-widget-text-editor\" data-id=\"ea41e84\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>&#8211; To ensure the JMMC is able to actively&nbsp;respond to any sudden changes in the market developments, it was granted the authority to call for additional meetings or ask for an ONOMM meeting if need be.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e5f1d1 elementor-widget elementor-widget-text-editor\" data-id=\"2e5f1d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>&#8211; To extend the compensation period to 31 March 2023, which allows countries that have not fully complied with their production adjustments to make up for their excess production in subsequent months.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-471b29b elementor-widget elementor-widget-text-editor\" data-id=\"471b29b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>&#8211; To reiterate the critical importance of adhering to full conformity and compensation mechanism, which are essential for achieving the objectives of the Declaration of Cooperation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b1da4bd elementor-widget elementor-widget-text-editor\" data-id=\"b1da4bd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The 33rd OPEC and non-OPEC Ministerial Meeting was widely welcomed by market participants and analysts as a proactive and pre-emptive measure that demonstrated the commitment and flexibility of the Participating Countries to support the oil market and its stability.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6fa514b elementor-widget elementor-widget-text-editor\" data-id=\"6fa514b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The Republic of the Congo possesses substantial reserves of crude oil and natural gas and became a Full Member of OPEC on 22 June 2018. The Republic of the Congo has significant reserves of crude oil and natural gas and became a full member of OPEC on June 22, 2018. For this reason, the decisions made at this meeting are of imperative interest to HE Bruno Jean- Richard Itoua, Minister of Hydrocarbons and Head of Delegation, <a href=\"https:\/\/republic-congo.com\/en\/politics\/minister-of-foreign-affairs\/\"><strong>Jean-Claude Gakosso<\/strong><\/a>, Minister of Foreign Affairs, and the country in general.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-eec86d4 e-flex e-con-boxed e-con e-parent\" data-id=\"eec86d4\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-f700581 e-flex e-con-boxed e-con e-child\" data-id=\"f700581\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e19659b 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Meeting held on 5 October 2022 resulted in key decisions that will shape the world&#8217;s energy market. 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