The 29th OPEC and non-OPEC Ministerial Meeting has resolved to adjust upward the monthly overall production by 0.432 mb/d for the month of July 2022.
The meeting, which was held via videoconference on Thursday, June 2, 2022, reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and “the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of July 2022”.
The statement issued by the OPEC Secretariat after the meeting said that the meeting resolved to advance the planned overall production adjustment for the month of September and redistribute equally the 0.432 mb/d production increase over the months of July and August 2022.
“Therefore, July production will be adjusted upward by 0.648 mb/d as per the attached schedule,” it said.
It added that the meeting also resolved to extend the compensation period until the end of December 2022 as requested by some underperforming countries and request that underperforming countries submit their plans by 17 June 2022.
According to the statement, the compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
The meeting noted the most recent reopening from lockdowns in major global economic centres and that global refinery intake is expected to increase after seasonal maintenance.
The meeting highlighted the importance of stable and balanced markets for both crude oil and refined products and reiterated the critical importance of adhering to full conformity.
The meeting also resoled to hold the 30th OPEC and non-OPEC Ministerial Meeting on 30 June 2022.
July 2022 Required Production
Algeria 1039
Angola 1502
Congo 320
Eq.Guinea 125
Gabon 183
Iraq 4580
Kuwait 2768
Nigeria 1799
Saudi Arabia 10833
UAE 3127
Azerbaijan 706
Bahrain 202
Brunei 100
Kazakhstan 1680
Malaysia 585
Mexico 1753
Oman 868
Russia 10833
Sudan 74
South Sudan 128
OPEC 10 26276
Non-OPEC 16930
OPEC+ 43206
GIK/APA