The 31st OPEC and non-OPEC Ministerial Meeting held via videoconference on Wednesday, August 3, 2022 resolved to adjust upward the production level for OPEC and non-OPEC Participating Countries by 0.1 mb/d for the month of September 2022.
The statement issued by the OPEC Secretariat after the meeting, said that “this adjustment does not affect the baselines decided on the above-mentioned meeting on 18 July, 2021.”
It reaffirmed 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 meeting also reiterated the critical importance of adhering to full conformity and to the compensation mechanism and that compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
It added that the meeting noted the dynamic and rapidly evolving oil market fundamentals, necessitating continuous assessment of market conditions and that the severely limited availability of excess capacity necessitates utilizing it with great caution in response to severe supply disruptions.
The meeting noted that chronic underinvestment in the oil sector has reduced excess capacities along the value chain (upstream/midstream/downstream).
It highlighted with particular concern that insufficient investment into the upstream sector will impact the availability of adequate supply in a timely manner to meet growing demand beyond 2023 from non-participating non-OPEC oil-producing countries, some OPEC Member Countries and participating non-OPEC oil-producing countries.
The meeting also noted that preliminary data for OECD commercial oil stocks level stood at 2,712mb in June 2022, which was 163mb lower than the same time last year, and 236 mb below the 2015-2019 average, and that emergency oil stocks have reached their lowest levels in more than 30 years.
According to the statement, the meeting noted that declaration of cooperation conformity has averaged 130% since May 2020, supported by voluntary contributions of some participating countries.
It emphasized the value and importance of maintaining consensus as essential to the cohesion of OPEC and participating non-OPEC oil-producing countries, and in view of the latest oil market fundamentals.
The meeting also resolved to hold the 32nd OPEC and non-OPEC Ministerial Meeting on September 5, 2022.
September 2022 Production Table:
Algeria 1057
Angola 1529
Congo 325
Eq.Guinea 127
Gabon 187
Iraq 4663
Kuwait 2818
Nigeria 1830
Saudi Arabia 11030
UAE 3186
Azerbaijan 718
Bahrain 205
Brunei 102
Kazakhstan 1710
Malaysia 595
Mexico 1753
Oman 883
Russia 11030
Sudan 75
South Sudan 130
OPEC 1026753
Non-OPEC 17202
OPEC+ 43955
GIK/APA