2022-02-03 13:45:00
OPEC+ RUSSIA: GROWTH BY 0.4 MBD
OPEC - 02 Feb 2022 - 25th OPEC and non-OPEC Ministerial Meeting concludes
Following the conclusion of the 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference on Wednesday, 2 February 2022, and in view of current oil market fundamentals and the consensus on the outlook, the OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation (DoC) decided 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 March 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 ONOMM.
Hold the 26th ONOMM on 2 March 2022.
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Earlier:
2022, February, 2, 12:15:00
OPEC+ WILL UP BY 400 TBD
Demand is expected to surpass pre-pandemic levels in the second half of the year "with a healthy recovery trend," the analysis showed, easing the market oversupply to 1.2 million b/d in the third quarter and 1.1 million b/d in the fourth.
2022, February, 1, 14:55:00
OIL PRICE: NEAR $89 ANEW
Brent was down 74 cents, or 0.8%, at $88.52 a barrel , WTI slipped 83 cents, or 0.9%, to $87.32.
2022, February, 1, 14:45:00
OPEC+ RUSSIA: +400 TBD
Already, oil prices have hit seven-year highs in recent days over the ratcheting tensions between the West and Russia over Ukraine.
2022, January, 31, 12:45:00
OIL PRICE: NEAR $91
Brent futures contract was up $1.30/b (1.44%) from the previous close at $91.33/b, WTI rose $1.21/b (1.39%) at $88.03/b.
2022, January, 31, 12:40:00
THE NEW RUSSIA SANCTIONS
Oil, gas and resources companies, and trading desks, are fretting about the provisions around sanctions on Russian extractive industries, financial institutions and banks, Russian leaders and businessmen, and the use of global services, such as wire transfers.
2022, January, 18, 13:10:00
OIL PRICE: ABOVE $87
Brent rose $1.02, or 1.2%, to $87.50 a barrel, WTI jumped $1.36, or 1.6%, to $85.18 a barrel.
2022, January, 10, 11:45:00
OPEC+ OIL PRODUCTION: + 0.4 MBD
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.
