OPEC to adjust upward monthly production by 0.4 mb/d

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By Emmanuella Anokam

The Organisation of the Petroleum Exporting Countries (OPEC) has reconfirmed its decision to adjust upward its monthly overall production by 0.4 million barrel per day (mb/d) for March 2022.

The decision was made following the conclusion of the 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, on Wednesday.

According to the report, in view of the current oil market fundamentals and consensus on the outlook, OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation (DoC) decided to reconfirm the production adjustment plan.

The meeting also decided to reconfirm the monthly production adjustment mechanism approved at the 19th ONOMM.

It reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial meeting on April 12, 2020 and further endorsed in subsequent meetings, including the 19th ONOMM on 18 July 2021.

It reiterated the critical importance of adhering to full conformity and to the…



Source: News Agency of Nigeria