The association’s members reaffirmed the earlier endorsed decision to further increase oil production by 432,000 barrels a day in June 2022.
Deputy Prime Minister Alexander Novak co-chaired the 28th OPEC and non-OPEC Ministerial
Meeting via videoconference. During consultations, the participants discussed
forecasts for developments in the oil market in the first half of 2022 and the
level of implementing their commitments on restoring oil output.
Following the meeting, the participants unanimously reconfirmed the production
adjustment plan on the further increase of oil production and the decision to
adjust upward the monthly overall production by 0.432 mb/d for the month of
“The adopted decision reflects the intention of the key oil producers to maintain
the oil production and consumption balance and fully meet current demand while preventing
a big glut in the market,” emphasised Alexander Novak, summing up the results
of the meeting.
The parties to the OPEC+ agreement are following the endorsed plan – overall
fulfilment of the agreement reached 157 percent in March, and demand continues
to increase. To hold the current trend and the market balance, the ministers extended
the compensation period for the countries that failed to honour their
commitments on time until the end of June 2022.
The 29th OPEC and
non-OPEC Ministerial Meeting is scheduled for 2 June, 2022.