The 24th OPEC and non-OPEC Ministerial Meeting has reaffirmed a 400,000-barrel per day increase in the monthly overall crude oil production and export for members countries.
This was sequel to formal conclusion of the 23rd OPEC and non-OPEC Ministerial Meeting (ONOMM) held via videoconference on Thursday December 2, 2021, and in view of current oil market fundamentals and the consensus on its outlook.
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With this development, Nigeria’s crude oil output which was 1.649 million barrels per day since November will jump to 1. 701 million barrels per day in February 2022
The meeting 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.
It re-confirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of February 2022, as per the attached schedule.
The meeting 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. 4. Decided to hold the 25th OPEC and non-OPEC Ministerial Meeting on 2 February 2022”