2022-03-03 14:30:00
OPEC+ 0.4 MBD
OPEC - 02 Mar 2022 - 26th OPEC and non-OPEC Ministerial Meeting concludes
Following the conclusion of the 26th OPEC and non-OPEC Ministerial Meeting, held via videoconference on 2 March 2022, and based on internal consultation held exclusively by the OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation of (DoC), it was noted that current oil market fundamentals and the consensus on its outlook pointed to a well-balanced market, and that current volatility is not caused by changes in market fundamentals but by current geopolitical developments.
The OPEC and participating non-OPEC oil-producing countries decided to:
Reaffirm the decision of the 10th Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19th Ministerial Meeting on 18 July 2021.
Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of April 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 Ministerial Meeting.
Hold the 27th OPEC and non-OPEC Ministerial Meeting on 31 March 2022.
Earlier:
2022, March, 2, 11:45:00
OIL PRICE: ABOVE $111
Brent rose by as much as $8 and touched as high as $113.02 a barrel, before easing to $111.75, WTI were up $7.24, or 7%, to $110.67 a barrel.
2022, March, 2, 11:40:00
OPEC+ OIL PRODUCTION: +0.4 MBD
OPEC+ members are attempting to regain pre-pandemic output levels by late 2022 through their monthly easing of quotas, but potential disruptions to Russian oil flows put that plan at risk.
2022, March, 1, 12:20:00
OIL PRICE: NEAR $100
Brent advanced 1.8% to $99.7, WTI rose 1.6% to $97.28.
2022, February, 21, 11:50:00
GLOBAL ENERGY CRISIS & STABILISATION
In the situation that has obtained in recent months on energy markets, it has become clear that one of the foundations of stability of the modern global world is, in the first instance, reliable energy supply, which cannot be provided without observing a reasonable balance of energy sources and an absence of discrimination against traditional sectors of the fuel and energy complex.
2022, February, 3, 13:45:00
OPEC+ RUSSIA: GROWTH BY 0.4 MBD
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.
2022, January, 19, 10:50:00
OIL PRICE WILL BE $100
Global oil demand is seen rising 3.5 million barrels per day (bpd) year-on-year in 2022, with fourth-quarter demand reaching 101.6 million bpd.
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.
