Lagos — The 19th OPEC and non-OPEC Ministerial Meeting, ONOMM has agreed to an upward adjustment of their overall production by 0.4 mb/d on a monthly basis starting from August.
The meeting held today via videoconference said the adjustment will be until phasing out the 5.8 mb/d production adjustment, and in December 2021 assess market developments and participating countries’ performance.
The group had earlier postponed the meeting without an agreement on output level for July.
The group said it would “continue to adhere to the mechanism” to hold monthly OPEC and non-OPEC Ministerial Meetings for the entire duration of the Declaration of Cooperation, to assess market conditions, and decide on production level adjustments for the following month.
“…endeavoring to end production adjustments by the end of September 2022, subject to market conditions”, the statement further said.
The group reiterated the critical importance of adhering to full conformity and taking advantage of the extension of the compensation period until the end of September 2021.
It asked members to submit compensation plans in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
It also extended the decision of the 10th OPEC and non-OPEC Ministerial Meeting held in April until the 31st of December 2022.
The meeting decided to hold the 20th OPEC and non-OPEC Ministerial Meeting on 1 September 2021.
OPEC+ said it noted ongoing strengthening of market fundamentals, with oil demand showing clear signs of improvement and OECD stocks falling, as the economic recovery continued in most parts of the world with the help of accelerating vaccination programmes.
Overall conformity to the production adjustments was 113% in June (including Mexico).