# 37th OPEC and non-OPEC Ministerial Meeting Statement

> OPEC and non-OPEC participants in the Declaration of Cooperation agreed in Riyadh on June 2, 2024 to extend overall crude production levels from 1 January to 31 December 2025. They also extended the assessment period for 2026 reference production levels to the end of November 2025 and kept the Joint Ministerial Monitoring Committee meeting every two months.

- Date: 2024-06-02 · published 2024-06-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/29651-37th-opec-and-non-opec-ministerial-meeting-statement
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Keeping output restrained through 2025 supports crude prices and removes near-term supply growth. Lower crude expectations can weigh on biofuel feedstock economics and feed-related costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2016-12-12 | [OPEC - OPEC and non-OPEC Ministerial Meeting - Europétrole](https://feedsoft.ai/events/73377-opec-opec-and-non-opec-ministerial-meeting-europetrole.md) | +2.7% | +0.3% |
| 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 | 2016-12-11 | [OPEC, Non-OPEC Ministers Meet](https://feedsoft.ai/events/73392-opec-non-opec-ministers-meet.md) | +2.7% | +0.3% |
| BRENT | 2019-03-07 | [OPEC - The 6th OPEC and non-OPEC Ministerial... - Europétrole](https://feedsoft.ai/events/60015-opec-the-6th-opec-and-non-opec-ministerial-europetrole.md) | +2.3% | +6.2% |
| 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% |
| WTI | 2016-12-12 | [OPEC - OPEC and non-OPEC Ministerial Meeting - Europétrole](https://feedsoft.ai/events/73377-opec-opec-and-non-opec-ministerial-meeting-europetrole.md) | +0.8% | -1.3% |
| 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% |
| WTI | 2016-12-11 | [OPEC, Non-OPEC Ministers Meet](https://feedsoft.ai/events/73392-opec-non-opec-ministers-meet.md) | +0.8% | -1.3% |

## Sources

- spa.gov.sa: https://www.spa.gov.sa/en/N2114843

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