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2022-10-06 13:20:00

OPEC + RUSSIA DOWN 2 MBD

OPEC + RUSSIA DOWN 2 MBD

OPECVienna, Austria 05 Oct 2022 - The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and non-OPEC Ministerial Meeting took place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022. 

In light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to:

  1. 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 OPEC and non-OPEC Ministerial Meeting on 18 July 2021.
  2. Extend the duration of the Declaration of Cooperation until 31 December 2023.
  3. Adjust downward the overall production by 2 mb/d from the August 2022 required production levels, starting November 2022 for OPEC and non-OPEC Participating Countries as per the attached table.
  4. Reconfirm the baseline adjustment approved at the 19th OPEC and non-OPEC Ministerial Meeting.
  5. Adjust the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC).
  6. Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference.
  7. Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments if necessary.
  8. Extend the compensation period to 31 March 2023. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
  9. Reiterate the critical importance of adhering to full conformity.
  10. Hold the 34th OPEC and non-OPEC Ministerial Meeting on 4 December 2022.

 

Production table PDF version

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Earlier:

OPEC + RUSSIA DOWN 2 MBD
2022, October, 4, 14:40:00
OPEC+ OUTPUT CUT
Russia currently forecasts a further drop in Urals oil price over the next three years – to $70.1/b in 2023, $67.5/b in 2024, and $65/b in 2025. Its 2022 forecast is $80/b.
OPEC + RUSSIA DOWN 2 MBD
2022, September, 6, 14:10:00
OPEC+ PRODUCTION DOWN 0.1 MBD
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, noting that the upward adjustment of 0.1 mb/d to the production level was only intended for the month of September 2022.
OPEC + RUSSIA DOWN 2 MBD
2022, August, 4, 10:50:00
OPEC + RUSSIA + 100 TBD
Adjust upward the production level for OPEC and non-OPEC Participating Countries by 0.1 mb/d for the month of September 2022
OPEC + RUSSIA DOWN 2 MBD
2022, August, 3, 12:25:00
OPEC+ PRODUCTION IS STABLE
The Joint Technical Committee of OPEC+, which includes Russia, trimmed its forecast for a surplus in the oil market this year by 200,000 barrels per day to 800,000 bpd
OPEC + RUSSIA DOWN 2 MBD
2022, August, 1, 11:05:00
ОПЕК+ РОССИЯ И САУДОВСКАЯ АРАВИЯ
Было подчёркнуто, что Россия и Саудовская Аравия твёрдо привержены цели соглашения ОПЕК+ по сохранению рыночной стабильности и восстановлению баланса спроса и предложения.
OPEC + RUSSIA DOWN 2 MBD
2022, July, 8, 14:40:00
OPEC+ PRODUCTION UP BY 390 TBD
Combined, OPEC+ crude production rose to a three-month high of 42.09 million b/d of June,
OPEC + RUSSIA DOWN 2 MBD
2022, June, 24, 11:50:00
OPEC+ OIL PRODUCTION WILL UP
"OPEC+ is not going to change the plans at this month's meeting," an OPEC+ source said. Four other sources made similar remarks.
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Tags: ОПЕК, РОССИЯ, OPEC, RUSSIA, НЕФТЬ, ДОБЫЧА, OIL, PRODUCTION