5 Jan 2022 , 09:04 AM
OPEC and its non-OPEC allies, known collectively as OPEC+, decided to raise its output target by 400,000 barrels per day from next month. Following the formal conclusion of the 23rd OPEC and non-OPEC Ministerial Meeting (ONOMM), the producing nations reconfirmed 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 0.4 mb/d for the month of February 2022, as per the attached schedule.
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