By YANGE IKYAA
Following the conclusion of the 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference on Wednesday, 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) reaffirmed 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.
While agreeing to hold the 26th ONOMM on March 2, the required production by the same date among participating nations has been scheduled as: Algeria 992, Angola 1435, Congo 306, Equatorial Guinea 120, Gabon 175, Iraq 4370, Kuwait 2639, Nigeria 1718, and Saudi Arabia 10331.
Others are UAE 2976, Azerbaijan 675, Bahrain 193, Brunei 96, Kazakhstan 1605, Malaysia 559, Mexico 1753, Oman 829, Russia 10331, Sudan 71, South Sudan 122. This is also summarized among OPEC and allied members as OPEC 10 25061, Non-OPEC 16233, and OPEC+ 41294.
The meeting also reconfirmed 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.
It further 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 June 2022. The conference also insisted that all compensation plans should be submitted in accordance with the statement of the 15th ONOMM.