According to the Organisation of Petroleum Exporting Countries (OPEC), its 0.1 million barrel per day (mb/d) increase to the level of global oil production is only planned for September 2022.
This information was provided by OPEC in its report on the 32nd OPEC and non-OPEC Ministerial Meeting, which newsmen in Abuja were able to access via video conference on Monday.
NAN recalls that the overall output for August 2022 was allowed to be increased by 0.648 mb/d at the 19th and 29th OPEC and non-OPEC Ministerial Meetings.
The required production level for OPEC and non-OPEC Participating Countries in August and October of 2022 is still the same, according to the summit.
In September, Nigeria's necessary production level was 1,830 mb/d, compared to 1,826 mb/d in October and August.
The current oil market's negative effects of volatility and declining liquidity were discussed during the conference, along with the necessity of preserving the market's stability and effective operation.
According to the report, increasing volatility and greater uncertainty need ongoing market monitoring and a willingness to immediately change production in various ways, as needed.
Additionally, it stated that OPEC+ has the resolve, adaptability, and resources to address these issues and direct the market within the confines of the Declaration of Cooperation's established processes.
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 33rd OPEC and non-OPEC Ministerial Meeting holds on Oct. 5.