2021-09-06 12:20:00
OPEC+ OIL ADJUSTMENT 0.4 MBD
OPEC - 01 Sep 2021 - The 20th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, concluded on Wednesday, 1 September 2021.
The Meeting noted that, while the effects of the COVID-19 pandemic continue to cast some uncertainty, market fundamentals have strengthened and OECD stocks continue to fall as the recovery accelerates.
The Meeting welcomed the positive performance of Participating Countries in the Declaration of Cooperation (DoC). Overall conformity to the production adjustments was 110% in July including Mexico (109% without 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 decision of the 10th OPEC and non-OPEC Ministerial meeting on 12 April 2020 and further endorsed in subsequent meetings, including the 19th ONOMM on 18 July 2021.
- Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of October 2021.
- Extend the compensation period until the end of December 2021 as requested by some underperforming countries and request that underperforming countries submit their compensation plans by 17 September 2021. Compensation plans should be submitted in accordance with the statement of the 15th ONOMM.
- Reiterate the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of December 2021.
- Hold the 21st OPEC and non-OPEC Ministerial Meeting on 4 October 2021.
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Earlier:
2021, August, 30, 14:00:00
OIL PRICE: NOT ABOVE $73
Brent was down 21 cents or 0.3% at $72.49, WTI fell 50 cents or 0.7% to $68.24.
2021, August, 30, 13:55:00
OPEC+ WITHOUT CHANGES
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Sept. 1 to discuss the previously agreed increase of 400,000 barrels per day (bpd) for the next several months.
2021, August, 27, 12:10:00
OIL PRICE: NOT ABOVE $72 ANEW
Brent rose 98 cents, or 1.4%, to $72.05 a barrel, WTI climbed 93 cents, or 1.4%, to $68.35 a barrel.
2021, August, 27, 12:05:00
OPEC+ RUSSIA UNCERTAINTY
OPEC, Russia and nine other countries agreed in July to increase crude production by 400,000 b/d starting August through the end of 2022, a quantity that many analysts said would be insufficient to meet demand in the short-term, given seasonal consumption patterns and the world's recovery from the pandemic.
2021, August, 26, 16:30:00
OIL PRICE: NOT ABOVE $72
Brent was down 71 cents, or 1%, at $71.54 a barrel, WTI was down 77 cents, or 1.10%, at $67.59 a barrel.
2021, August, 9, 11:55:00
OPEC+ OIL PRODUCTION UP BY 750 TBD
The 19 countries with quotas under the OPEC+ deal produced 35.99 million b/d in July, despite having a collective ceiling of 36.34 million b/d.
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.
