The monthly meeting was held via videoconference on Thursday, May 5th, and major decisions were made on achieving a balanced market in light of the ongoing effects of geopolitical circumstances and the return of COVID-19 in some parts of the world. OPEC+ has agreed to:
- Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12th April 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on the 18th July 2021.
- Reconfirm the production adjustment plan and the monthly production mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of June 2022.
- Reiterate the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of June 2022.
The next Ministerial Meeting is scheduled for 2nd June 2022.