The Organisation of the Petroleum Exporting Countries (OPEC) has reconfirmed its decision for upward adjustment of the monthly overall production by 0.432 million barrels per day (mb/d) for the month of June 2022. OPEC said this in its statement following the conclusion of the 28th OPEC and non-OPEC Ministerial Meeting, held via videoconference on Thursday. The meeting reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting. 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,” it said. It also noted that continuing oil market fundamentals and the consensus on the outlook pointed to a balanced market. It further noted the continuing effects of geopolitical factors and issues related to the ongoing COVID-19 pandemic. The 29th OPEC and non-OPEC Ministerial Meeting, the organisation said, will hold on June 2.