Following the formal conclusion of the 23rd OPEC and non-OPEC Ministerial Meeting (ONOMM) held via videoconference on Thursday December 2, 2021, and in view of current oil market fundamentals and the consensus on its outlook, the OPEC and participating non-OPEC oil-producing countries 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 meeting also reconfirmed the production adjustment plan and the monthly production
adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward, the monthly overall production by 0.4 mb/d for the month of February 2022, as per the schedule below.
It also 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. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC
Ministerial Meeting further noted.
The meeting eresolved to hold the 25th OPEC and non-OPEC Ministerial Meeting on 2
February 2022, Valuechain gathered.
