OPEC+ reconfirmed the decision to boost production by 400,000 barrels per day for the month of January 2022, in accord with previously made commitments to raise production incrementally by that amount each month.
During the 23rd OPEC and non-OPEC ministerial meeting the group also reaffirmed its commitment to ensure a stable and balanced oil market as well as an extension of the period for downwards compensation for countries which had produced more than their quotas to the end of June 2022.
The leaders of the OPEV and non-OPEC members of the agreement, Saudi Arabia and Russia respectively agreed to limit production to 10.1 million barrels per day.
Total production for OPEC members for January is set at 24.6 million barrels per day and non-OPEC members will be 15.9 million barrels per day.
The OPEC+ group contains heavy hitters from the original oil block such as Saudi Arabia, Iraq and Kuwait, as well as non-OPEC members such as Russia, Mexico and Kazakhstan.
Production of the world’s largest oil producer, the non-OPEC+ United States, was 10.8 million barrels per day in September according to the IEA down from a peak of 12.9 million barrels per day in December 2019.