OPEC to adjust upward monthly production by 0.4 mb/d

The Organisation of the Petroleum Exporting Countries (OPEC) has reconfirmed its decision to adjust upward its monthly overall production by 400,000 barrel per day (mb/d) for March 2022. The decision was made following the conclusion of the 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, on Wednesday.

According to the report, in view of the current oil market fundamentals and consensus on the outlook, OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation (DoC) decided to reconfirm the production adjustment plan. The meeting also decided to reconfirm the monthly production adjustment mechanism approved at the 19th ONOMM. It reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial meeting on April 12, 2020 and further endorsed in subsequent meetings, including the 19th ONOMM on 18 July 2021.

It reiterated the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of June 2022. Compensation plans should be submitted in accordance with the statement of the 15th ONOMM, according to the meeting. The 26th ONOMM will hold on March 2. (NAN)