OPEC + ministers extend oil recovery plan
Photo: Shannon Stapleton / Reuters
The ministers of the OPEC + countries agreed to continue to increase oil production in February by 400 thousand barrels per day. This is stated in the communique of the alliance.
“To reaffirm the plan to change production and the mechanism for monthly production increases, approved at the 19th meeting of OPEC and non-OPEC ministers, as well as the decision to increase total production by 0.4 million barrels per day in February 2022,” said in a press release published following the meetings of the ministers of the OPEC + countries.
The oil exporting countries came to a decision based on the fact that the commodity market is now balanced. At the same time, it is expected that after the first quarter of 2022, oil reserves in the world will begin to grow. As indicated in the final communique, the OPEC + ministers also extended the plan to compensate for the overproduction of oil until the end of June.
The next OPEC + ministerial meeting is scheduled for February 2.
Earlier, OPEC elected a new Secretary General. It was the representative of Kuwait, Khaisam al-Gais. He will replace Nigeria's representative Mohammad Barkindo on August 1.
