2021-07-27 11:05:00
OPEC+ 400 TBD
OPEC - 18 Jul 2021 - The 19th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, concluded on Sunday 18 July 2021.
The Meeting noted the ongoing strengthening of market fundamentals, with oil demand showing clear signs of improvement and OECD stocks falling, as the economic recovery continued in most parts of the world with the help of accelerating vaccination programmes.
The Meeting welcomed the positive performance of Participating Countries in the Declaration of Cooperation (DoC). Overall conformity to the production adjustments was 113% in June (including Mexico), reinforcing the trend of high conformity by Participating Countries.
In view of current oil market fundamentals and the consensus on its outlook, the Meeting resolved to:
Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings, including on 12 April 2020.
Extend the decision of the 10th OPEC and non-OPEC Ministerial Meeting (April 2020) until the 31st of December 2022.
Adjust upward their overall production by 0.4 mb/d on a monthly basis starting August 2021 until phasing out the 5.8 mb/d production adjustment, and in December 2021 assess market developments and Participating Countries’ performance.
Continue to adhere to the mechanism to hold monthly OPEC and non-OPEC Ministerial Meetings for the entire duration of the Declaration of Cooperation, to assess market conditions and decide on production level adjustments for the following month, endeavoring to end production adjustments by the end of September 2022, subject to market conditions.
Adjust, effective 1st of May 2022, the baseline for the calculations of the production adjustments according to the attached table (table 1).
Reiterate the critical importance of adhering to full conformity and taking advantage of the extension of the compensation period until the end of September 2021. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
The meeting decided to hold the 20th OPEC and non-OPEC Ministerial Meeting on 1 September 2021.
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Earlier:
2021, July, 8, 12:45:00
OIL PRICES 2021-22: $72-$67
We expect rising production will reduce the persistent global oil inventory draws that have occurred for much of the past year and keep prices similar to current levels, averaging $72/b during the second half of 2021 (2H21).
2021, July, 7, 11:25:00
OPEC+ NO QUOTAS
The OPEC+ had failed to agree to increase production quotas from August onward after the UAE objected to Saudi Arabia's plan to tie the production increases to a lengthening of the supply management pact through to the end of 2022.
2021, July, 6, 12:15:00
OPEC+ NO DECISION
“The 18th OPEC and non-OPEC Ministerial Meeting has been called off,” OPEC Secretary General, HE Mohammad Sanusi Barkindo, said in a letter to Heads of Delegation of OPEC Member Countries and non-OPEC oil producing countries participating in the Declaration of Cooperation (DoC).
2021, July, 6, 12:10:00
UAE SUPPORT OPEC
The Ministry of Energy and Infrastructure has affirmed that the UAE is a longstanding and committed member of OPEC, and OPEC+, and have been a reliable partner in the current OPEC+ agreement, delivering compliance of 103% throughout its 2-year term.
2021, July, 2, 12:35:00
OPEC+ 2 MBD
If agreed, the OPEC+ alliance's collective production cuts would shrink by about one-third by the end of the year to about 3.76 million b/d, from July's 5.76 million b/d.
2021, June, 25, 12:45:00
OPEC OIL NEEDED
OPEC+ negotiations on August production levels will pick up in earnest on June 29, with a meeting of the delegate-level advisory Joint Technical Committee, before the nine-country Joint Ministerial Monitoring Committee co-chaired by Saudi Arabia and Russia convene on June 30.
2021, June, 2, 14:05:00
OPEC+ PRODUCTION: 114%, + 2 MBD
Overall conformity to the production adjustments was 114% in April (including Mexico), ... to gradually return 2 million barrels a day (mb/d) of the adjustments to the market, with the pace being determined according to market conditions.
