The participating countries reaffirmed an earlier decision to adjust upward the daily overall production by 400,000 barrels in February 2022.
Deputy Prime Minister Alexander Novak co-chaired the 24th OPEC and non-OPEC Ministerial Meeting, held via videoconference. During this new round of consultations, representatives of the major oil producing countries reviewed the conformity with commitments to adjust oil output, oil production projections for February, as well as the regular oil market forecast for 2022.
All the countries agreed to reconfirm the oil production adjustment for February 2022 by increasing daily oil output by 400,000 barrels. Amid the ongoing recovery in global oil consumption, OPEC+ countries have been complying with their voluntary commitments to increase production, with the overall conformity reaching 117 percent in November 2021. At the same time, they emphasised the need for all the participating countries to comply with the agreements and deliver on the commitments they have assumed.
“We reaffirmed our commitment to the OPEC+ deal and have regularly made statements to this effect. Of course, every country must conform to the agreed production levels. It goes without saying that, if need be, we can adjust compensation plans, among other things, for those who have not been able to meet their commitments in full,” Deputy Prime Minister Alexander Novak said during the meeting.
The 25th OPEC and non-OPEC Ministerial Meeting is scheduled to take place on 2 February 2022.