The Ministerial Monitoring Committee of the Organization of Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, reiterated on Saturday the need to comply with oil production quotas.
In a statement, the committee reported that during a virtual meeting today between group of members, the collegiate “noted that some countries did not reach full compensation and reiterated the importance of reaching full compensation” of any volume produced above quotas. Countries should send advance and updated compensation plans by April 15, according to OPEC+.
The reinforcement of the OPEC+ committee occurs after the organization has communicated this week the increase in oil production in May, at levels above expected previously. The decision pressured Commodity 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 volunteer adjustments made by the eight OPEC+ countries that were announced on April 3.
According to the committee, adjustments aim to support market stability. The adhesion of countries to these adjustments agreed between OPEC+ members will be monitored by the organization.
The next OPEC+ ministerial meeting will be on May 28.