The Ministerial Surveillance Committee for the Petroleum Exporting Country (OPEC) and allies, known as OPEC+, repeated the need to follow oil production quotas.
In a statement, the Committee reported that during a virtual meeting between groups of members, the collegial noted that some countries did not reach full compensation and repeated the importance of reaching full compensation “of all volume produced above. The countries should send advances and updated compensation plans by April 15, according to OPEC+.
The reinforcement of the OPEC+ Committee occurs after the organization reported this week the increase in oil production in May, at levels above expected earlier. The decision pushed raw material prices.
At the meeting this Saturday, the Opec+ Ministerial Committee also revised gross oil production data for January and February this year, according to the press release. According to the statement, he recognized the additional voluntary adjustments made by the eight OPEC+ countries announced on April 3.
According to the Committee, adjustments aim to support market stability. The adhesion of countries to these adjustments agreed between the OPEC+ members will be monitored by the organization.
The next OPEC+ ministerial meeting will be on May 28th.