The regular meeting of ministers of OPEC and non-OPEC countries ended today, following which it was decided to continue increasing production by the planned 400 thousand barrels per day in February. The oil exporting countries came to this decision based on the fact that the commodity market is now balanced. At the same time, it is expected that after the first quarter of 2022, oil reserves in the world will begin to grow. Now OPEC + monthly increases production by 400 thousand barrels per day. Moreover, in May 2020, production was reduced by 9.7 million barrels per day due to a drop in oil demand caused by the coronavirus pandemic. The organization expects to gradually withdraw from its production restriction obligations by the end of September 2022. As of January, they amount to 3.36 million barrels per day. In addition, OPEC emphasizes the need for the parties to fully fulfill their obligations under the oil deal and comply with the overproduction compensation mechanism. The next meeting of OPEC+ ministers is scheduled for February 2.
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