OPEC, non-OPEC to adjust upward August monthly production by 0.648 mb/d.

APA – Lagos (Nigeria)

The 30th OPEC and non-OPEC Ministerial Meeting held via videoconference on Thursday, June 30, 2022 has resolved to adjust upward the monthly overall crude oil production for the month of August 2022 by 0.648 mb/d.

The statement issued after the meeting said that in view of current oil market fundamentals and the consensus on its outlook, the OPEC and participating non-OPEC oil producing countries agreed to reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th and 29th OPEC and non-OPEC Ministerial Meetings and the decision.

The meeting reiterated the critical importance of adhering to full conformity and to the compensation mechanism. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.

According to the statement, 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.

It added that the 31st OPEC and non-OPEC Ministerial Meeting will hold on August 3, 2022.

Below is the August 2022 Required Production:

Algeria 1055

Angola 1525

Congo 325

Eq.Guinea 127

Gabon 186

Iraq 4651

Kuwait 2811

Nigeria 1826

Saudi Arabia 11004

UAE 3179

Azerbaijan 717

Bahrain 205

Brunei 102

Kazakhstan 1706

Malaysia 594

Mexico 1753

Oman 881

Russia 11004

Sudan 75

South Sudan 130

OPEC 10 26689

Non-OPEC 17165

OPEC+ 43854


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