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Alexander Novak co-chairs 28th OPEC and non-OPEC Ministerial Meeting

RUSSIA, May 5 - The association’s members reaffirmed the earlier endorsed decision to further increase oil production by 432,000 barrels a day in June 2022.

Alexander Novak co-chairs 28th OPEC and non-OPEC Ministerial Meeting

Deputy Prime Minister Alexander Novak co-chaired the 28th OPEC and non-OPEC Ministerial Meeting via videoconference. During consultations, the participants discussed forecasts for developments in the oil market in the first half of 2022 and the level of implementing their commitments on restoring oil output.

Following the meeting, the participants unanimously reconfirmed the production adjustment plan on the further increase of oil production and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of June 2022.

“The adopted decision reflects the intention of the key oil producers to maintain the oil production and consumption balance and fully meet current demand while preventing a big glut in the market,” emphasised Alexander Novak, summing up the results of the meeting.

The parties to the OPEC+ agreement are following the endorsed plan – overall fulfilment of the agreement reached 157 percent in March, and demand continues to increase. To hold the current trend and the market balance, the ministers extended the compensation period for the countries that failed to honour their commitments on time until the end of June 2022.

The 29th OPEC and non-OPEC Ministerial Meeting is scheduled for 2 June, 2022.