OPEC + Alliance Sticks with 400,000 Barrels/Day in January 2022

On Thursday, the 23^rd ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) + Alliance was held on an online platform. The conclusion reasserted the continued commitment of participating countries in the “Declaration of Cooperation” to secure the stability and balance of the oil market. By closely monitoring the current international oil market situation and weighing the consensus on its prospects, the meeting further restated the decision of the 10^th ministerial meeting between the OPEC + Alliance held in early April.

All parties also supported the production adjustment plan and monthly production adjustment mechanism approved by the 19^th ministerial meeting of OPEC+ countries and decided to increase total production by an average of 400,000 barrels per day in January 2022. Whereas, all parties were also agreed that the meeting should persist in the upcoming terms, and pay attention to the further development of the new omnicorn variant of COVID, by closely monitoring the market and by facilitating immediate adjustments when necessary.

At the request of some under-performing countries, the compensation period will be extended to June 2022, whereas the relevant countries need to submit compensation plans before December 17. The compensation plan shall be submitted under the statement of the 15^th OPEC + ministerial meeting. The meeting restated the importance of sticking to full compliance and compensation mechanism.In addition, the meeting decided to hold the 24^th ministerial meeting between OPEC + countries on 4^th January 2022.