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On January 4, local time, the 24th ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers was held
online.
In view of the current oil market situation and the consensus on its prospects, the parties reaffirmed the production adjustment plan and monthly production adjustment mechanism approved by the 19th Ministerial Meeting of OPEC and non-OPEC producers, and decided to increase total production by an average of 400,000 barrels
per day in February 2022.
The meeting reaffirmed the importance of adhering to full compliance and compensation mechanisms, which will be extended until the end of June 2022 and that compensation plans should be submitted
in accordance with the statements of the 15th OPEC and non-OPEC ministerial meetings.
The meeting also decided to hold the 25th Ministerial Meeting
of OPEC and Non-OPEC Producers on February 2, 2022.
In addition, a special session of the OPEC General Assembly held on Monday decided to appoint Kuwaiti candidate Haysam Alghais as the new Secretary-General of the organization for a three-year
term beginning on August 1, 2022.
