In light of the current oil market fundamentals and the outlook for 2021, the OPEC council members agreed in the meeting to reconfirm the existing commitment under the Declaration of Cooperation (DoC) decision on April 12, 2020, then amended in June and September 2020 repeatedly, to gradually return to 2 mb/d, given consideration to market conditions.
Beginning January 2021, DoC participating countries have decided to voluntarily adjust the oil production by 0.5 mb/d from 7.7 mb/d to 7.2 mb/d.
Furthermore, the DoC participating countries agreed to hold monthly OPEC and non-OPEC ministerial meetings starting next year to assess market condition continuously and make decision on further production adjustments for the following month, limited to not higher than 0.5 mb/d.
The price of OPEC basket crudes so far this month stand at $48.25 a barrel, compared with $42.61 the previous month. Over the last twelve months the price has fallen 27.42%. The OPEC Basket, is a weighted average of prices for petroleum blends produced by OPEC countries members. It is used as an important benchmark for crude oil prices.
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