Petroleum Africa
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Monday, July 19, 2021
The 19th OPEC and non-OPEC Ministerial Meeting (ONOMM) on July 18 has resulted in agreement by participating countries to increase production to help contain rising prices. Among the expanded group is mega producer Russia along with Mexico and several other countries from Africa, Middle East,
Participants of the meeting agreed to adjust upward their overall production by 0.4 million barrels per day (bpd) on a monthly basis starting in August 2021 until phasing out the 5.8 million bpd production adjustment. OPEC will assess market developments and Participating Countries’ performance in December 2021.
Negotiations on production quotas had been stalled due to the UAE holding out, looking for it share of production to see a greater increase. A compromise was reached at this meeting with the UAE seeing an increase to 3.5 million barrels day, up from 3.17 million but below the 3.8 million the negotiators had sought.
It was also noted during the meeting that member’s overall conformity to the production adjustments was 113% in June (including Mexico), reinforcing the trend of high conformity by Participating Countries.
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