Opec sets out H2 23 framework

The Organisation of the Petroleum Exporting Countries and its Opec+ allies agreed an agenda for H2 2023 at the cartel’s 4 June ministerial meeting in Vienna.

Following the first in-person meeting since Covid, ministers plan to reconvene in Vienna with the 36th Opec and non-Opec Ministerial Meeting (Onomm) on Sunday 26 November. By that time independent reviews of some members’ production baselines – which feed into quotas – are expected to be complete.

This timing is in line with a resolution that Opec+ should hold the (Onomm) every six months, “in accordance with the ordinary Opec scheduled conference”.

The 4 June meeting also reaffirmed and extended the Joint Ministerial Monitoring Committee (JMMC)’s mandate and membership.

It was agreed that the JMMC – which is supported by the cartel’s Joint Technical Committee (JTC) and the Opec Secretariat – is to be held every two months.

However, giving room for tactical flexibility, it was also agreed to “grant the JMMC the authority to hold additional meetings, or to request an... [Onomm] at any time to address market developments, whenever deemed necessary”.

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