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OPEC, non-OPEC agree to raise crude oil production by 400,000b/d

The 20th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, on Wednesday, September 1, 2021 resolved to adjust upward…

The 20th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, on Wednesday, September 1, 2021 resolved to adjust upward the monthly overall production by 400,000 barrels per day for the month of October 2021.This resolution was in line with their existing plan for gradual monthly oil production increases.

A statement issued by OPEC after the meeting said that the meeting agreed to extend the compensation period until the end of December 2021 as requested by some underperforming countries and request that underperforming countries submit their compensation plans by September 17, 2021.

The meeting 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 December 2021.

The meeting noted that, while the effects of the COVID-19 pandemic continue to cast some uncertainty, market fundamentals have strengthened and OECD stocks continue to fall as the recovery accelerates.

The meeting also welcomed the positive performance of participating countries in the Declaration of Cooperation (DoC).

“Overall conformity to the production adjustments was 110% in July including Mexico (109% without Mexico), reinforcing the trend of high conformity by Participating Countries,” it said.

According to the statement, the next meeting of the 21st OPEC and non-OPEC Ministerial Meeting will hold on October 4, 2021.

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