Vienna: OPEC and non-OPEC Participating Countries have reaffirmed their commitment under the Declaration of Cooperation to support a stable and balanced global oil market during the 40th OPEC and Non-OPEC Ministerial Meeting, which was held virtually.

According to Radio Television Brunei, the meeting was attended by Yang Berhormat Pehin Datu Lailaraja Retired Major General Dato Paduka Seri Haji Awang Halbi bin Haji Mohd Yussof, Minister at the Prime Minister’s Office and Second Minister of Defence, and Dato Seri Paduka Awang Haji Muhammad Azmi bin Haji Mohd Hanifah, Deputy Minister for Energy at the Prime Minister’s Office. The participants reiterated their commitment to maintaining existing crude oil production levels until the end of 2026 and emphasized the role of the Joint Ministerial Monitoring Committee in overseeing market conditions and ensuring participants’ conformity.

The session also saw the endorsement of a new mechanism for assessing maximum sustainable production capacity, which will form the basis for the 2027 production baselines. The participants reaffirmed the Charter of Cooperation and tasked the OPEC Secretariat with translating it into specific programs ahead of the next Ministerial Meeting.

Brunei Darussalam’s involvement underscores its support for collaborative efforts to ensure stability, transparency, and long-term sustainability in the global energy market. The countries participating in the Declaration of Cooperation have agreed to extend the current level of overall crude oil production for OPEC and non-OPEC Participating Countries, as established in the 35th OPEC and non-OPEC Ministerial Meeting, until December 31, 2026. The 41st ONOMM is scheduled to be held on June 7, 2026, in Vienna, Austria.