The 30th OPEC and non-OPEC Ministerial Meeting held via videoconference on Thursday, June 30, 2022 has resolved to adjust upward the monthly overall crude oil production for the month of August 2022 by 0.648 mb/d.
The statement issued after the meeting said that in view of current oil market fundamentals and the consensus on its outlook, the OPEC and participating non-OPEC oil producing countries agreed to reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th and 29th OPEC and non-OPEC Ministerial Meetings and the decision.
The meeting reiterated the critical importance of adhering to full conformity and to the compensation mechanism. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
According to the statement, the meeting reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12th April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on the 18th July 2021.
It added that the 31st OPEC and non-OPEC Ministerial Meeting will hold on August 3, 2022.
Below is the August 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