MIL OSI Translation. Region: Russian Federation –
The parties to the agreement have retained the previously adopted agreement to increase oil production by 400 thousand barrels per day in February 2022.
Deputy Prime Minister Alexander Novak as co-chair chaired the 24th meeting of the OPEC and non-OPEC Ministerial Meeting. As part of regular consultations, representatives of the largest oil producing countries in the videoconference mode considered the fulfillment of obligations to adjust oil production, plans for oil production in February, as well as a forecast for the development of the situation on the oil market in 2022.
Following the meeting, all countries participating in the agreement supported the proposal to maintain the parameters for increasing oil production in February 2022 by 400 thousand barrels per day. While global oil consumption continues to recover, OPEC + countries are successfully implementing the recommendations to increase production – the total execution of the deal in November 2021 reached 117%. At the same time, the need for all countries of the agreement to adhere to the agreements reached and fulfill their obligations was once again emphasized.
“We are committed to the OPEC + agreement. Of course, each country needs to adhere to the approved levels. If necessary, it is necessary to envisage, among other things, the adjustment of compensation schedules for those participants who do not fully fulfill their obligations, ”said Deputy Prime Minister Alexander Novak during the meeting.
The next, 25th OPEC + Ministerial Meeting was scheduled for February 2, 2022.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.