May 21, 2024
OIL: Consensus on the outlook points to a well-balanced market
Middle East: Oil demand remains low despite the ease in COVID-19 lockdown
– By Godswill Odiong

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By Eyo Nsima

The continuing oil market fundamentals and the consensus on the outlook have pointed to a well-balanced market, according to the Organisation of Petroleum Exporting Countries, OPEC and non-OPEC Ministers.
Following the conclusion of the 27th OPEC and non-OPEC Ministerial Meeting, held via videoconference on March 31, 2022, OPEC and non_OPEC ministers, noted that, “continuing oil market fundamentals and the consensus on the outlook pointed to a well-balanced market, and that current volatility is not caused by fundamentals, but by ongoing geopolitical developments.”

However, the OPEC and participating non-OPEC oil-producing countries, also resolved 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 baseline adjustment, the production adjustment plan and the monthly production adjustment 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 May 2022, as per the attached schedule.

“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. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.”

They also decided to, “hold the 28th OPEC and non-OPEC Ministerial Meeting on 5 May 2022.”

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