Upward adjustment of oil production level only for September — OPEC

The Organisation of Petroleum Exporting Countries (OPEC) says its upward adjustment of 0.1 million barrels per day (mb/d) to the overall oil production level is only intended for September 2022.

OPEC made this known at its report on the 32nd OPEC and non-OPEC Ministerial Meeting held via video conference on Monday.

The 19th and 29th OPEC and non-OPEC Ministerial Meetings approved upward adjustment of overall production for August 2022 by 0.648 mb/d.

According to the meeting, the required production level of August and October, 2022 for OPEC and non-OPEC participating countries remains the same.

Required production level for Nigeria was 1,830 mb/d in September while 1,826 mb/d was required in October and August.

The meeting decried adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning.

It said that higher volatility and increased uncertainties required the continuous assessment of market conditions and a readiness to make immediate adjustments to production in different forms, if needed.

It also added that OPEC+ had the commitment, the flexibility, and the means within the existing mechanisms of the Declaration of Cooperation to deal with these challenges and provide guidance to the market.

It reiterated the critical importance of adhering to full conformity and to the compensation mechanism.

Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting while the 33rd OPEC and non-OPEC Ministerial Meeting is held on Oct. 5.