The Opec logo pictured ahead of a meeting. File/Reuters
Gulf Today Report
The statement of the nineteenth ministerial meeting of the OPEC and non-OPEC members revealed that the rate of adherence to production adjustments in June 2021 reached 113% (including Mexico), which reinforces the trend of high compliance by the participating countries.
The meeting decided to hold the 20th OPEC and non-OPEC ministerial meeting on September 1, 2021.
According to media sources, OPEC Plus agreed to adjust the base level of production from Saudi Arabia and Russia to 11.5 million barrels per day each, starting in May 2022 from 11 million previously.
According to a source, OPEC Plus agreed to increase the UAE’s share to 3.5 million barrels per day, and increase Iraq and Kuwait produce 150,000 barrels per day.
"We are happy with the deal," UAE's Energy Minister Suhail Bin Mohammed Al-Mazroui told media.
According to the statement, the organization decided to adjust the total production by an increase of 400,000 barrels per day on a monthly basis starting from August 2021 until the gradual phase out of the production adjustment by 5.8 million barrels per day, and in December 2021 the market developments and the performance of the participating countries will take place.
The organization agreed to continue to adhere to the mechanism of holding monthly OPEC and non-OPEC ministerial meetings throughout the duration of the declaration of cooperation, to assess market conditions and to decide on production level adjustments for the following month, while seeking to end production adjustments by the end of September 2022, which is subject to market conditions.
Oil prices rose more than $1 per barrel on Thursday after Saudi Energy Minister Prince Abdulaziz bin Salman urged caution and vigilance at the beginning of a meeting of Opec ministers and their allies about the future of supply cuts.
Oil prices rose on Thursday on optimism about U.S and European economic recoveries and expectations OPEC and its allies will keep production curbs in place.
The Saudi energy minister told a conference of the G20 group of the world’s largest economies on Friday that ensuring affordable energy supply is key to facilitating a global economic recovery.
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