Deputy Prime Minister Alexander Novak co-chaired the 24th OPEC and Non-OPEC Ministerial Conference held through a video conference. In this new consultation, representatives of major oil-producing countries reviewed their commitment to adjust oil production, their February oil production forecasts, and their compatibility with the 2022 regular oil market forecasts.
All countries have agreed to reaffirm their February 2022 oil production adjustments by increasing daily oil production by 400,000 barrels. With the continued recovery of global oil consumption, OPEC + countries are adhering to their voluntary commitment to increase production with an overall goodness of fit of 117% in November 2021. At the same time, he emphasized that all participating countries need to comply. Realize the agreement and the commitment they have undertaken.
“We reaffirmed our commitment to OPEC + trading and issued a regular statement to this effect. Of course, all countries must comply with the agreed production levels, needless to say. Correspondingly, compensation plans can be coordinated, especially for those who have failed to fully fulfill their promises, “Deputy Prime Minister Alexander Novak said at the meeting.
The 25th OPEC and Non-OPEC Ministerial Conference will be held on February 2, 2022.
It will be distributed by the APO group on behalf of the Russian government.
Alexander Novak chairs the 24th OPEC and Non-OPEC Ministerial Conference
Source link Alexander Novak chairs the 24th OPEC and Non-OPEC Ministerial Conference