The OPEC and non-OPEC Ministerial Meeting have agreed to adjust upward the monthly overall production by 0.4 mb/d for the month of December 2021 in line with the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting.
The statement by OPEC at the end of the 22nd OPEC and non-OPEC Ministerial Meeting, held via videoconference on Thursday, November 4, 2021, said that the meeting reaffirmed the continued commitment of the participating countries in the Declaration of Cooperation (DoC) to ensure a stable and a balanced oil market, the efficient and secure supply to consumers and to provide clarity to the market at times when other parts of the energy complex outside the boundaries of oil markets are experiencing extreme volatility and instability.
It added that the ministers resolved to continue to adopt a proactive and transparent approach, which has provided stability to oil markets.
According to the statement, the meeting also 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 the 18 July 2021.
The Minister also 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 December 2021, while compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
The 23rd OPEC and non-OPEC Ministerial Meeting was fixed for 2 December 2021.
Production Table:
Algeria 962
Angola 1392
Congo 296
Eq.Guinea 116
Gabon 170
Iraq 4237
Kuwait 2558
Nigeria 1666
Saudi Arabia 10018
UAE 2885
Azerbaijan 654
Bahrain 187
Brunei 93
Kazakhstan 1556
Malaysia 542
Mexico 1753
Oman 804
Russia 10018
Sudan 69
South Sudan 118
OPEC 10 24300
Non-OPEC 15794
OPEC+ 40094
GIK/APA