The 21st Organisation of Petroleum and Exporting Countries (OPEC) and non-OPEC Ministerial Meeting have decided to adjust upward, the monthly overall production by 0.4 million barrels per day with Nigeria’s quota of 1.649 million barrels per day for the month of November 2021.
At the end of its meeting held via video conference on Monday, 4 October 2021, OPEC+ concluded in view of current oil market fundamentals and the consensus on its outlook, OPEC and participating non-OPEC oil producing countries, reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19 OPEC and non-OPEC Ministerial Meeting on the 18 July 2021.
The group also reconfirmed 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 November 2021, as per the attached schedule.
It 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 December 2021.
“Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting. Will hold the 22nd OPEC and non-OPEC Ministerial Meeting on 4 November 2021”, according to a communiqué issued at the end of the meeting stated.
Quotas for other OPEC and non-OPEC members are as follows: Algeria 952, Angola 1.377, Congo 293, Eq.Guinea 115, Gabon 168, Iraq 4.193, Kuwait 2.532, Nigeria 1.649, Saudi Arabia 9.913, UAE 2.855, Azerbaijan 647, Bahrain 185, Brunei 92, Kazakhstan 1.540, Malaysia 537
Mexico 1.753, Oman 796, Russia 9.913, Sudan 68 and South Sudan 117.