2022-01-10 11:45:00
OPEC+ OIL PRODUCTION: + 0.4 MBD
OPEC - 04 Jan 2022 - Following the formal conclusion of the 23rd OPEC and non-OPEC Ministerial Meeting (ONOMM) held via videoconference on Thursday December 2, 2021, and in view of current oil market fundamentals and the consensus on its outlook, the OPEC and participating non-OPEC oil-producing countries:
- Reaffirm 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.
- Reconfirm 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 0.4 mb/d for the month of February 2022, as per the attached schedule.
- 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 June 2022. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
- Decided to hold the 25th OPEC and non-OPEC Ministerial Meeting on 2 February 2022.
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Earlier:
2021, December, 27, 11:55:00
OPEC+ SUCCESSFUL BALANCE
With Russia nearing its maximum capacity and Nigeria, Angola and several other countries struggling to maintain output, OPEC+ sustainable spare capacity will shrink to just 1.2 million b/d by June, lessening the group's ability to offset disruptions.
2021, December, 8, 16:15:00
OPEC+ PRODUCTION +500 TBD
OPEC's 13 countries pumped 27.85 million b/d, up 300,000 b/d from October, while Russia and eight other partners produced 13.86 million b/d, up 200,000 b/d
2021, December, 3, 12:00:00
OPEC + RUSSIA: + 400 TBD
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 January 2022, as per the attached schedule.
2021, December, 2, 12:30:00
OPEC REMAIN PRUDENT
In these uncertain times, it is imperative that we – together with the non-OPEC countries in the DoC – remain prudent in our approach and prepared to be proactive as market conditions warrant.
2021, November, 30, 13:25:00
OPEC+: NO HASTY DECISIONS
"We need to monitor how the situation develops, we must carefully monitor the market. There is no need to make hasty decisions," Novak said.
2021, November, 29, 11:55:00
OPEC+ WARINESS
OPEC+ ministers, led by Saudi Arabia and Russia, are meeting after Dated Brent nosedived 11% on Nov. 26, sending shock waves into the energy market as news of the Omicron variant outbreak led to bans on flights from South Africa.
2021, November, 25, 15:55:00
OPEC+ SUPPORT
The meetings will decide the group's January production levels. The existing pact calls on OPEC+ countries to hike output quotas by 400,000 b/d, though the volumes can be changed per market conditions.
