OPEC+ adjusts upward monthly production by 0.432mb/d for June

Oredola Adeola

The Organisation of the Petroleum Exporting Countries (OPEC) has reconfirmed its decision to adjust upward its monthly overall production by 0.432 million barrels per day (mb/d) for the month of June 2022.

This was confirmed by  the Organisation in a statement released after the conclusion of the 40th JMMC meeting and the 28th OPEC and non-OPEC Ministerial Meeting held on Thursday via videoconference on Thursday.

According to OPEC, the members reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting.

OPEC also reconfirmed the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of June 2022, as per the attached schedule.

The 23 (OPEC+) oil producing countries at the meeting reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12th April 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on the 18th July 2021.The members reiterated the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of June 2022.

They agreed that the compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.

At the end of the meeting the member countries agreed to hold the 29th OPEC and non-OPEC Ministerial Meeting on 2 June 2022.