# OPEC Achieves Consensus on Production Levels for Market Stability at 35th Ministerial Meeting - African Energy Chamber

> OPEC and non-OPEC ministers reached unanimous agreement on production levels at their 35th Ministerial Meeting in Vienna on June 4, 2023. The meeting, chaired by OPEC President Antonio Oburu Ondo, reaffirmed the Declaration of Cooperation and adjusted overall crude output levels for participating countries.

- Date: 2023-06-05 · published 2023-06-05T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/35403-opec-achieves-consensus-on-production-levels-for-market-stability-at-35th
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Agreed production adjustments under the Declaration of Cooperation tighten crude supply and support oil prices. Higher energy costs raise transport and processing expenses along the feed supply chain.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-12-05 | [OPEC+ holds its 38th Ministerial Meeting and thanks the Kingdom for its exceptional leadership and unwavering commitment to global oil market stability](https://feedsoft.ai/events/26870-opec-holds-its-38th-ministerial-meeting-and-thanks-the-kingdom-for-its.md) | +2.6% | +8.3% |
| WTI | 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) | -1.9% | +8.5% |
| WTI | 2020-08-20 | [OPEC Reiterates Importance of Attaining Full Conformity for Market Stability - Petroleum AfricaPetroleum Africa](https://feedsoft.ai/events/51535-opec-reiterates-importance-of-attaining-full-conformity-for-market-stability.md) | +0.8% | -4.5% |
| WTI | 2017-04-19 | [OPEC chief says producers seek market stability](https://feedsoft.ai/events/71419-opec-chief-says-producers-seek-market-stability.md) | -5.9% | -7.2% |
| WTI | 2023-03-14 | [OPEC+ to stick to production cut, Saudi minister tells Energy Intelligence](https://feedsoft.ai/events/36768-opec-to-stick-to-production-cut-saudi-minister-tells-energy-intelligence.md) | -9.5% | +9.1% |
| BRENT | 2024-12-05 | [OPEC+ holds its 38th Ministerial Meeting and thanks the Kingdom for its exceptional leadership and unwavering commitment to global oil market stability](https://feedsoft.ai/events/26870-opec-holds-its-38th-ministerial-meeting-and-thanks-the-kingdom-for-its.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 | 2020-08-20 | [OPEC Reiterates Importance of Attaining Full Conformity for Market Stability - Petroleum AfricaPetroleum Africa](https://feedsoft.ai/events/51535-opec-reiterates-importance-of-attaining-full-conformity-for-market-stability.md) | +0.9% | -7.9% |

## Sources

- energychamber.org: https://energychamber.org/opec-achieves-consensus-on-production-levels-for-market-stability-at-35th-ministerial-meeting/

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