VIENNA – The world’s major oil producers have pledged to stick to the plan to increase oil production by 400,000 barrels per day next month.
The 24th Opec (Organisation of the Petroleum Exporting Countries) and non-Opec Ministerial Meeting (Onomm) was held via video conference yesterday. Opec and its allies are also known as Opec+.
The Onomm “reconfirms the production adjustment plan and the monthly production adjustment mechanism approved at the 19th Opec and non-Opec Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 million barrels per day for the month of February 2022,” an Opec statement said, according to Xinhua.
The 25th Onomm will be held on February 2 this year, the statement added.
The world’s major oil producers have been resisting pressure from the United States to significantly increase oil production to rein in the surging oil prices and have been sticking to the plan to increase oil output by 400,000 barrels per day each month since May last year. – Bernama, January 5, 2022
