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(OPEC +) agrees to increase production by pumping 400,000 barrels per day next February

04-01-2022

The member countries of the (OPEC +) alliance agreed today, Tuesday, to pump 400,000 barrels per day next February, in order to maintain the stability of the global market. The agreement came at the conclusion of the 24th ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) and its non-OPEC allies participating in the (OPEC +) alliance. The General Secretariat of (OPEC) stated in a statement that the agreement was based on the decisions of the 19th ministerial meeting held on the 18th of last July and the 23rd ministerial meeting held last December to raise the rate of production per month according to market developments. The participants in today's meeting reiterated the importance of adhering to the full compliance and compensation mechanism and benefiting from the extension of the compensation period until the end of June 2022, according to the statement of the 15th ministerial meeting. It was also decided to hold the 25th ministerial meeting of the countries of the (OPEC +) alliance on the second of next February to review the developments of the oil market.