OPEC to raise monthly production by 0.432mb/d for June


The Organisation of Petroleum Exporting Countries (OPEC) has affirmed its decisions for upward adjustment of the monthly overall production by 0.435 million barrels per day (mb/d) for June 2022 The Trumpet gathered.

This followed the conclusion of the 28th ministerial meeting held through video conference at the weekend, after which the organisation reconfirmed the production plan and monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC ministerial meeting.

Read Also: Court rejects Emefiele’s bid to restrain INEC, AGF

It restated the importance of adhering to full compensation and taking advantage of the extension of the compensation period till the end of June 2022. It explained that compensation plans should be submitted in accordance with the statement of the 15th ministerial meeting, adding that it would continue oil market fundamentals and consensus on the outlook for a balanced market.

It further noted the continuing effects of geopolitical factors and issues relating to the COVID-19 pandemic, adding that its 29th ministerial meeting will hold on June 22, 2022.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
A note to our visitors

This website has updated its privacy policy in compliance with changes to European Union data protection law, for all members globally. We’ve also updated our Privacy Policy to give you more information about your rights and responsibilities with respect to your privacy and personal information. Please read this to review the updates about which cookies we use and what information we collect on our site. By continuing to use this site, you are agreeing to our updated privacy policy.