The Organisation of Petroleum Exporting Countries (OPEC) and the non-OPEC oil producers have announced an upward adjustment of their monthly crude oil production to 400,000 barrels per day.
The OPEC Secretariat said in a statement after the 26th OPEC and non-OPEC Ministerial Meeting, held via videoconference on Wednesday, March 2, 2022, that the meeting “reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of April 2022”.
It stated that based on internal consultation held exclusively by the OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation of (DoC), that “it was noted that current oil market fundamentals and the consensus on its outlook pointed to a well-balanced market, and that current volatility is not caused by changes in market fundamentals, but by current geopolitical developments”.
The OPEC and participating non-OPEC oil-producing countries 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 June 2022.
“Compensation plans should be submitted in accordance with the statement of the 15th Ministerial Meeting,” the statement added.
Meanwhile, the price of OPEC basket of 13 crudes stood at $112.20 a barrel on Wednesday, March 2, 2022, compared with $103.89 the previous day, according to OPEC Secretariat calculations.
GIK/APA