The decision was made "in line with the decision of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation at the 33rd OPEC and non-OPEC Ministerial Meeting on 5 October 2022, which was purely driven by market considerations and recognized in retrospect by the market participants to have been the necessary and the right course of action towards stabilizing global oil markets; and adhering to the approach of being proactive and pre-emptive," according to a post-event OPEC statement.

"The Participating Countries reiterated their readiness to meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary," it noted.

The Participating Countries reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021 and the 33rd OPEC and non-OPEC Ministerial Meeting on 5 October 2022, including the adjustment of the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC) and the authority of the JMMC to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments if necessary.

They reiterate the critical importance of adhering to full conformity and compensation mechanism taking advantage of the extension approved on the 33rd OPEC and non-OPEC Ministerial Meeting.

They will hold the 35th OPEC and non-OPEC Ministerial Meeting on 4 June 2023, the statement added.