The Chairman of the Board of Directors, Eng. Mustafa Sanalla, participated in the 13th OPEC and non-OPEC Ministerial Meeting held via videoconference.
On Monday and Tuesday 4-5 January 2021, The Meeting assessed the latest oil market developments in terms of supply, demand and commercial stocks and reviewed the conformity levels of the Member States participating in the Declaration of Cooperation to the production adjustments and decided to maintain the current production rates of most Member States of the alliance until the end of March 2021.
In view of the continued decline in demand for oil in global markets due to the continuation of the Corona pandemic, the Kingdom of Saudi Arabia has taken the initiative to reduce further its daily production by up to one million barrels per day during February and March to support market stability. The Meeting also agreed to hold the next Ministerial Meeting at the beginning of March 2021.
It is noteworthy that the OPEC + alliance, which includes 23 countries, had previously decided to reduce their collective oil supplies by 9.7 million barrels per day starting May 2020, and the reduction was adjusted down to 7.7 million barrels per day starting August 2020 and then to 7.2 million barrels per day starting January 2021.
Libya, Iran and Venezuela continued to be exempted from participating in the cuts due to the difficulties facing these countries.
