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OPEC+ extends oil output cuts until end of 2022 : OPEC

The baselines, which are used to calculate the output reduction, will be readjusted effective May 1, 2022.

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Moscow: The Organization of the Petroleum Exporting Countries (OPEC) and other exporters that makeup OPEC+ decided to extend the deal on oil output cuts until December 31, 2022, the OPEC said Sunday.
At a virtual meeting on Sunday, OPEC+ countries decided to “Extend the decision of the 10th OPEC and non-OPEC Ministerial Meeting (April 2020) until the 31st of December 2022,” the OPEC said in a statement.
OPEC+ countries will raise overall output by 400,000 barrels per day monthly starting in August, “until phasing out the 5.8 mb/d production adjustment.”
The baselines, which are used to calculate the output reduction, will be readjusted effective May 1, 2022.
The participants in a Sunday meeting “welcomed the positive performance” of all parties to the deal, as their overall compliance with the cuts, including Mexico, stood at 113%.
The next OPEC+ meeting of the ministers will be held on September 1.

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