The Organisation of Petroleum Exporting Countries (OPEC), has affirmed its decisions for upward adjustment of the monthly overall production by 0.435 million barrels per day (mb/d), for June 2022.
This followed the conclusion of the 28th ministerial meeting held through video conference at the weekend, after which the organisation reconfirmed the production plan and monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC ministerial meeting.
It restated the importance of adhering to full compensation and taking advantage of the extension of the compensation period till the end of June 2022. It explained that compensation plans should be submitted in accordance with the statement of the 15th ministerial meeting, adding that it would continue oil market fundamentals and consensus on the outlook for a balanced market.
It further noted the continuing effects of geopolitical factors and issues relating to the COVID-19 pandemic, adding that its 29th ministerial meeting will hold on June 22, 2022.