OPEC to adjust upward monthly production by 0.432mb/d for June

VIENNA, The Organisation of the Petroleum Exporting Countries (OPEC) has reaffirmed its decision for upward adjustment of the monthly overall production by 0.432 million barrels per day (mb/d) for the month of June 2022.

This was announced by the end of the 28th OPEC and non-OPEC Ministerial Meeting, held via videoconference on 5th May. It was noted that continuing oil market fundamentals and the consensus on the outlook pointed to a balanced market. It further noted the continuing effects of geopolitical factors and issues related to the ongoing pandemic.

The OPEC and participating non-OPEC oil producing countries therefore decided to 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.

The organisation reiterated 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,” added the organisation in a statement.

The 29th OPEC and non-OPEC Ministerial meeting will be held on 2 June 2022.

Source: Emirates News Agency