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(OPEC +) sets production levels for December, an increase of 400 thousand barrels per day

04-11-2021

The 22nd ministerial meeting of the (OPEC +) alliance concluded today, Thursday, with an agreement to adjust the total monthly production, with an increase of 400,000 barrels per day, for the month of December 2021. The final statement issued by representatives of the coalition, which includes member states of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers, stated that in light of the current fundamentals of the oil market and the consensus on its prospects, the coalition countries reconfirmed the plan and mechanism for monthly production adjustment approved in their ministerial meeting. The 19th held last July. The final statement reiterated the commitment of the countries participating in the Declaration of Cooperation to ensure a stable and balanced oil market, an efficient and safe supply to consumers, and provide clarity to the market in times when other parts of energy are complex. He called on the (OPEC +) oil ministers to continue to adopt a proactive and transparent approach that provides stability to the oil markets in light of the current fundamentals of the oil market in terms of supply and demand. The ministers of the (OPEC +) alliance stressed the critical importance of committing to full compliance and the compensation mechanism and benefiting from the extension of the compensation period until the end of December 2021, with the need to submit compensation plans according to the statement of the 15th ministerial meeting of the (OPEC +) alliance. It was agreed to hold the 23rd ministerial meeting of the (OPEC +) alliance on the second of next December.