RUSSIA, March 31 - Following the meeting, the oil producing countries decided to continue increasing oil production in May 2022; total monthly production increases will be 432,000 barrels per day.

Deputy Prime Minister Alexander Novak co-chaired the 27^th OPEC and non-OPEC Ministerial Meeting. The largest oil-producing countries reviewed, via videoconference, the current fulfillment of the voluntary commitments of the oil-producing countries to regulate production, as well as forecasts for developments in the oil market in 2022. “The OPEC+ countries are successfully responding to the challenges of the global oil market, thanks to which the situation remains well-balanced,” said Alexander Novak.

To maintain a balanced market, following the meeting, the OPEC+ countries decided to increase the monthly overall oil production by 432,000 barrels per day in May 2022.

According to OPEC+, the overall execution of transactions in February 2022 reached 132 percent. The delegates noted the continuing recovery of demand in the oil market; as early as Q2 2022, total demand could exceed 100 million barrels per day.

The next, 28^th OPEC and non-OPEC Ministerial Meeting is scheduled for 5 May 2022.