The Fifth OPEC and non-OPEC Ministerial Meeting was held in Vienna, Austria, on December 7, 2018, under the co-chairmanship of OPEC’s President, HE Suhail Mohamed Al Mazrouei, Minister of Energy and Industry of the United Arab Emirates and head of its delegation, and Alexander Novak, Minister of Energy of the Russian Federation.

The meeting recalled the rights of the peoples and nations to permanent sovereignty over their natural wealth and resources.

Following deliberations on the immediate oil market prospects and in view of a growing imbalance between global oil supply and demand in 2019, the Fifth OPEC and non-OPEC Ministerial Meeting decided to adjust the overall production by 1.2 million barrels per day (mb/d), effective January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the “Declaration of Cooperation” will correspond to 0.8 mb/d (2.5 percent), and 0.4 mb/d (2.0 percent), respectively.

The Joint Ministerial Monitoring Committee (JMMC) was requested to monitor the fair implementation of the resolution and report back to the meeting.

The meeting emphasized the support and commitment of all participating countries in the “Declaration of Cooperation” to build on the success achieved thus far, through further institutionalizing the framework for regular and lasting cooperation under the draft Charter of Cooperation between Oil Producing Countries, which was endorsed in principle and to be finalized and ratified by the participating countries. The meeting also noted that the “Declaration of Cooperation” remains open to all producers.

The meeting extended its deep appreciation to the JMMC, the Joint Technical Committee (JTC) and the OPEC Secretariat for their continued support since the Fourth OPEC and non-OPEC Ministerial Meeting on June 23, 2018. This included their analysis and recommendations, as well as their constructive and effective engagement in ensuring that the voluntary production decisions were implemented in a timely and equitable manner.

The meeting decided that the next OPEC and non-OPEC Ministerial Meeting will convene in Vienna, Austria, in April 2019.

The meeting expressed its sincere gratitude to the government and to the people of the Republic of Austria, as well as the authorities of the city of Vienna, for their warm hospitality and excellent arrangements.