4 January 2022 - 18:23
  • News Code: 451416
24th OPEC+ Ministerial Meeting Concludes

TEHRAN (Shana) -- The 24th OPEC and non-OPEC Ministerial Meeting was held via video conference on Tuesday, January 4, 2022, under the chairmanship of Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, and Co-Chair Deputy Prime Minister of the Russian Federation, Alexander Novak.

Following the formal conclusion of the 23rd OPEC and non-OPEC Ministerial Meeting (ONOMM) held via video conference on Thursday, December 2, 2021, and in view of current oil market fundamentals and the consensus on its outlook, the OPEC and participating non-OPEC oil-producing countries:

Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial meeting on April 12, 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC ministerial meeting on July 18, 2021.

Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of February 2022, as per the attached schedule.

Reiterate 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.

Decided to hold the 25th OPEC and non-OPEC Ministerial Meeting on February 2, 2022.

News Code 451416

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