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(OPEC +) decides to move forward with the production line

03-12-2021

The member states of the (OPEC +) alliance agreed today, Thursday, to adjust the total monthly production by adding an increase of 400,000 barrels per day next January, according to the plan to adjust the monthly production approved during its meeting last July. This agreement came at the conclusion of the 23rd ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) and its non-OPEC allies participating in the (OPEC +) alliance. The final statement of the meeting issued by (OPEC +) affirmed that in light of the current fundamentals of the oil market and the consensus on its prospects, the coalition countries reaffirmed the monthly production adjustment plan and its mechanism, which were approved at the 19th ministerial meeting held last July, and increased production by 400 thousand barrels per day. next January. The statement indicated the continued commitment of the countries participating in the declaration of cooperation to ensure a "stable and balanced" oil market, in a manner that preserves the current market fundamentals of supply and demand. The (OPEC +) alliance also agreed that the meeting would remain in a permanent state to follow up on the developments of the epidemiological situation, monitor its consequences on the market, and make “immediate” adjustments if necessary. The "critical" importance of the commitment to full conformity and compensation mechanism for the member states of the coalition was also emphasized. It is noteworthy that it was also agreed to hold the 24th ministerial meeting of the countries of the (OPEC +) alliance on the fourth of next January.