Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Opec+ Agrees on Boosting Oil production by 2022

Mon 19 Jul 2021 | 03:51 AM
Rana Atef

On Sunday, Opec+ state members agreed on boosting oil production by 2022 and ending all oil cuts imposed by the group during the pandemic.

The group will start to provide the market with extra 400,000 barrels daily starting from August due to the increase of oil demand globally.

"In view of current oil market fundamentals and the consensus on its outlook, the meeting resolved to:

Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings, including on 12 April 2020.

Extend the decision of the 10th OPEC and non-OPEC Ministerial Meeting (April 2020) until the 31st of December 2022.

Adjust upward their overall production by 0.4 mb/d on a monthly basis starting August 2021 until phasing out the 5.8 mb/d production adjustment, and in December 2021 assess market developments and Participating Countries’ performance," a statement issued by Opec+ said.

The latest remarks were indicated by the oil-producers bloc after the latest OPEC and non-OPEC Ministerial Meeting.

Organized virtually, the meeting was attended by Saudi Minister of Energy, the Russian Russian Deputy Prime Minister Alexander Novak, and others.