The 32nd OPEC and non-OPEC Ministerial Meeting held via videoconference on Monday, September 5, 2022 has resolved that the upward adjustment of 0.1 mb/d to the production level is only intended for the month of September 2022.
The statement issued by the OPEC Secretariat after the meeting stated that the meeting resolved to revert to the production level of August 2022 for OPEC and non-OPEC Participating Countries for the month of October 2022 as per the attached table and that “the upward adjustment of 0.1 mb/d to the production level was only intended for the month of September 2022”.
According to the statement, the meeting requested the Chairman to consider calling for an OPEC and non-OPEC Ministerial Meeting anytime to address market developments, if necessary.
The meeting 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.
The OPEC and non-OPEC Ministerial Meeting also noted the adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning.
The Meeting also noted that higher volatility and increased uncertainties require the continuous assessment of market conditions and a readiness to make immediate adjustments to production in different forms, if needed, and that OPEC+ has the commitment, the flexibility, and the means within the existing mechanisms of the Declaration of Cooperation to deal with these challenges and provide guidance to the market.
The 33rd OPEC and non-OPEC Ministerial Meeting is scheduled to hold on October 5, 2022.
Production table
October 2022 Required Production
Algeria 1055
Angola 1525
Congo 325
Eq.Guinea 127
Gabon 186
Iraq 4651
Kuwait 2811
Nigeria 1826
Saudi Arabia 11004
UAE 3179
Azerbaijan 717
Bahrain 205
Brunei 102
Kazakhstan 1706
Malaysia 594
Mexico 1753
Oman 881
Russia 11004
Sudan 75
South Sudan 130
OPEC 10 26689
Non-OPEC 17165 OPEC+ 43854
GIK/APA