# OPEC+ holds its 38th Ministerial Meeting and thanks the Kingdom for its exceptional leadership and unwavering commitment to global oil market stability

> OPEC+ held its 38th Ministerial Meeting on December 5, 2024, and extended the overall crude production levels agreed at the 35th meeting through December 31, 2026. The meeting also reaffirmed the Joint Ministerial Monitoring Committee's mandate, which will meet every two months, and set Ministerial Meetings every six months.

- Date: 2024-12-05 · published 2024-12-05T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/26870-opec-holds-its-38th-ministerial-meeting-and-thanks-the-kingdom-for-its
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Extending production quotas through 2026 keeps a large volume of supply offline, which supports crude prices. Higher crude raises energy and transport costs for feed manufacturers and can push biofuel-linked vegetable oil prices up.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-06-05 | [OPEC Achieves Consensus on Production Levels for Market Stability at 35th Ministerial Meeting - African Energy Chamber](https://feedsoft.ai/events/35403-opec-achieves-consensus-on-production-levels-for-market-stability-at-35th.md) | -1.7% | -1.8% |
| BRENT | 2024-06-02 | [37th OPEC and non-OPEC Ministerial Meeting Statement](https://feedsoft.ai/events/29651-37th-opec-and-non-opec-ministerial-meeting-statement.md) | -2.0% | +7.9% |
| BRENT | 2024-12-05 | [38th OPEC+ Ministerial Meeting Concludes - Shana](https://feedsoft.ai/events/26874-38th-opec-ministerial-meeting-concludes-shana.md) | +0.6% | +4.3% |
| BRENT | 2024-06-02 | [37th OPEC and non-OPEC Ministerial Meeting  extends level of overall crude oil production until end of 2025 \| Emirates News Agency](https://feedsoft.ai/events/29652-37th-opec-and-non-opec-ministerial-meeting-extends-level-of-overall-crude-oil.md) | -2.0% | +7.9% |
| BRENT | 2018-12-14 | [Coming changes in marine fuel sulfur limits will affect global oil markets -
		U.S. Energy Information Administration (EIA)](https://feedsoft.ai/events/61737-coming-changes-in-marine-fuel-sulfur-limits-will-affect-global-oil-markets-u-s.md) | -11.0% | -2.2% |
| WTI | 2023-06-05 | [OPEC Achieves Consensus on Production Levels for Market Stability at 35th Ministerial Meeting - African Energy Chamber](https://feedsoft.ai/events/35403-opec-achieves-consensus-on-production-levels-for-market-stability-at-35th.md) | -2.2% | -2.8% |
| WTI | 2024-06-02 | [37th OPEC and non-OPEC Ministerial Meeting Statement](https://feedsoft.ai/events/29651-37th-opec-and-non-opec-ministerial-meeting-statement.md) | -1.9% | +8.5% |
| WTI | 2024-12-05 | [38th OPEC+ Ministerial Meeting Concludes - Shana](https://feedsoft.ai/events/26874-38th-opec-ministerial-meeting-concludes-shana.md) | +2.6% | +8.3% |

## Sources

- moenergy.gov.sa: https://www.moenergy.gov.sa/en/media-center/news/opec-plus-holds-38th-ministerial-meeting-and-thanks-the-kingdom-for-exceptional-leadership-and-unwavering-commitment-to-global-oil-market-stability

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.