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(OPEC +) decides to continue its plan to increase oil production by 432,000 barrels per day next May

31-03-2022

The (OPEC +) alliance, which includes members of the Organization of Petroleum Exporting Countries (OPEC) and producers from outside it, decided to continue adhering to its production plan, which was previously approved, to increase oil production by 432,000 barrels per day next May. The announcement of this decision came in a statement issued by the General Secretariat of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, following the conclusion of the 27th ministerial meeting of the member states of the (OPEC +) alliance, which was held today, Thursday, via video technology. The statement stated that the coalition ministers noted that the continuation of oil market fundamentals and consensus on expectations indicate a well-balanced market and that the current volatility is not caused by market fundamentals of supply and demand but by ongoing geopolitical developments. The (OPEC +) alliance reaffirmed the decision of the tenth ministerial meeting of OPEC and independent producers on April 12, 2020, and approved it in subsequent meetings, including the 19th ministerial meeting of OPEC and independent producers on July 18, 2021. The coalition ministers also reaffirmed the "baseline adjustment, production adjustment plan, and monthly production adjustment mechanism" that were approved at the 19th ministerial meeting of (OPEC) countries and non-OPEC producers, and the decision to adjust the total monthly production by an increase of 432,000 barrels per day for the month of May. The coalition also reiterated the critical importance of the commitment to full compliance and the compensation mechanism and benefiting from the extension of the compensation period until the end of next June. The 28th ministerial meeting of the (OPEC +) alliance is scheduled to be held on the fifth of next May.