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OPEC + upward adjustment on crude oil production begins in August

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OPEC + upward adjustment on crude oil production begins in August

By Edith Ike-Eboh

The Organization of the Petroleum Exporting Countries and its allies known as OPEC + have decided to adjust their overall production upwards by 0.4 million barrels per day (mbd).

The decision was taken on Sunday at the end of the 19th OPEC and non-OPEC ministerial meeting.

A statement released after the meeting said the upward adjustment would take effect from August.

He said that in view of the current fundamentals of the oil market and the consensus on its prospects, participating countries reaffirmed the framework of the declaration of cooperation signed on December 10, 2016, subsequently endorsed in subsequent meetings, including on December 12, 2016. April 2020.

He said it was decided to extend the decision of the 10th OPEC and non-OPEC ministerial meeting (April 2020) until December 31, 2022.

He said he also decided to adjust aggregate production upwards by 0.4 mb / d on a monthly basis from August 2021 until the phasing out of the 5.8 mb / d production adjustment. j, and in December 2021 to assess the evolution of the market and the performances of the participating countries.

He added that the meeting will continue to adhere to the mechanism of holding monthly OPEC and non-OPEC ministerial meetings throughout the duration of the Declaration of Cooperation.

This, he said, would help assess market conditions and decide on production level adjustments for the following month, adding that he aimed to end the production adjustment by the end. September 2022 subject to market conditions.

He further stated that he had adjusted as of May 1, 2022, the baseline for the calculations of production adjustments according to the table.

He reiterated the critical importance of adhering to full compliance and taking advantage of the extended compensation period until the end of September 2021.

“Compensation plans should be submitted in accordance with the declaration of the 15th Ministerial Meeting of OPEC and non-OPEC countries,” he said,

noting that the 20th OPEC and non-OPEC ministerial meeting would be held on September 1. (NAN) (www.nannews.ng)

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