During the closed session today (Wednesday, December 1), the 13 OPEC member countries are to select the new rotating chairman and alternate chairman of the OPEC conference and the chairman of the board of governors. They will also be informed of the 135th Meeting of the Economic Commission Board (ECB) of OPEC and the new report by OPEC Secretary General, Mohammed Sanusi Barkindo, on oil market conditions.

OPEC members will also discuss behind closed doors the approval of the new long-term strategy of OPEC, the approval of the 2022 budget, the approval of the date and place of the next ordinary meeting of the conference, and so on.

In its latest monthly report (November 2021), OPEC stated that the crude oil output of its members in October was 27.543 million barrels per day, which is 217,000 barrels more than September. In this report, OPEC also stated that global oil demand for 2021 is 96.44 million barrels per day, which is 5.065 mbd, equivalent to 6.23 percent, more than 2020.

The price of the OPEC oil basket, which was $74.87/b at the last meeting of the organization, is now $74.20.

The 23rd meeting of oil and energy ministers of member and non-member producers of the Organization of the Petroleum Exporting Countries (OPEC), known as the OPEC+, is scheduled to take place tomorrow, Thursday, December 2.