Luanda – The members of the Organization of the Petroleum Exporting Countries and their allies (OPEC+) agreed Thursday to adjust upward the monthly overall production for the month of August 2022 by 648.000 barrels daily against 432.000 of June.
In the 30th Ministerial Meeting held on videoconference, the members reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th and 29th OPEC and non-OPEC Ministerial Meeting.
The group reiterates the critical importance of adhering to full conformity and to the compensation mechanism that should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
The production volume for July is set at 648,000 /bpd.
Thus, the 31st OPEC and non-OPEC Ministerial Meeting is scheduled for 3rd August 2022.
The Republic of Angola is a member of OPEC and its production quota increased from 1.450 to 1.502 million barrels per day (bpd) for July, after the agreement at the 29th meeting of ministers of the alliance, held from Vienna, Austria, by video conference.
The country’s production is 1.1 million per day (bpd), which is below the quota authorized by the Organization.
However, the compensation period will be extended up to the end of December 2022 as requested by some low-performance countries, but according to OPEC+ the deadlines for submission of the plans that ended on June 17th of this year.
Source: Angola Press News Agency
