OPEC Monthly Oil Market Report February 2022

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    OPEC+ agrees to increase March oil production at 400,000 BPD

    OPEC+ has agreed to increase oil output by 400,000 BPD from March. That is as expected.
    No objections from any member states in keeping policy unchanged. 400k increment in March
    The JMMC noted that global economic growth is steady in 2022 and expected to remain above trend, despite some moderating signs in major economies.
    The JMMC commended Equatorial Guinea for completing its compensation volumes
    The next opec plus meeting will be held either on the 23rd or 24 Feb


    Final Statement

    25th OPEC and non-OPEC Ministerial Meeting concludesNo 03/2022
    Vienna, Austria
    02 Feb 2022
    Following the conclusion of the 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference on Wednesday, 2 February 2022, and in view of current oil market fundamentals and the consensus on the outlook, the OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation (DoC) decided to:
    Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial meeting on 12 April 2020 and further endorsed in subsequent meetings, including the 19th ONOMM on 18 July 2021.

    Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of March 2022, as per the attached schedule.

    Reiterate 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 ONOMM.

    Hold the 26th ONOMM on 2 March 2022.



    The OPEC Monthly Oil Market Report (MOMR) for February released Thursday provides OPEC’s outlook for crude oil market developments for the coming year
    [See the full post at: OPEC Monthly Oil Market Report February 2022]

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