OPEC + ministers agreed to continue to increase oil production in February 400 thousand barrels per day. This is stated in the Alliance Communique.
“Reaffirm the plan for the production of production and the mechanism of the monthly increase in production, approved at the 19 OPEC countries and non-OPEC countries, as well as a decision on a monthly increase in total production by 0.4 million barrels per day in February 2022 “- said in a press release published on the results of meetings of ministers of OPEC countries +.
Oil exporters came to a solution based on the fact that the raw material market is now balanced. It is expected that after the first quarter of 2022, oil reserves in the world will grow. As indicated in the final communiqué, OPEC ministers + also extended a plan for compensation for oil overproduction until the end of June.
The next meeting of the ministers of OPEC countries + is scheduled for February 2.
Earlier in OPEC elected a new Secretary General. They became the representative of Kuwait Heisam Al-Guice. He will change the representative of the representative of Nigeria Mohammed Barkindo on August 1.