ALGIERS-The Organization of the Petroleum Exporting Countries and its allies (OPEC+), on Thursday, decided to continue to supply the world oil market with an additional 400,000 barrels/day in January 2022, according to the Declaration of Cooperation (Doc) inked by the Participating Countries, announced the Minister of Energy and Mines, Mohamed Arkab.
The meeting reaffirmed the continued commitment of the Participating Countries in the Declaration of Cooperation (DoC) to ensure a stable and balanced oil market. In view of current oil market fundamentals, the Meeting resolved to:
* Reaffirm the decision of the 10th ONOMM on April 12, 2020 and further endorsed in subsequent meetings including the 19th ONOMM on July 18, 2021.
* Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of January 2022, as per the attached schedule.
* Agree that the meeting shall remain in session pending further developments of the pandemic and continue to monitor the market closely and make immediate adjustments if required.
* Extend the compensation period until the end of June 2022 as requested by some underperforming countries and request that underperforming countries submit their plans by December 17, 2021. Compensation plans should be submitted in accordance with the statement of the 15th ONOMM.
* Reiterate the critical importance of adhering to full conformity and to the compensation mechanism.
* Hold the 24th OPEC and non-OPEC Ministerial Meeting on January 4, 2022.