OPEC+ oil production falls short of commitment Kaynak: OPEC+ petrol üretiminde 2021 hedefini tuttura3 Feb 2022 06:55
OPEC+ members failed to meet their 2021 production target. Last year, oil production was 800,000 barrels/day below the targeted level.
In the report prepared by the Joint Technical Committee before the virtual meeting of the OPEC+ Committee of Ministers today, it was noted that the Organization of Petroleum Exporting Countries (OPEC) and the OPEC+ group, which consists of some non-OPEC producer countries, could not meet their production targets. Stating that the total oil production of OPEC+ members remained 824,000 barrels/day below the forecast in December 2021, the Technical Committee reported that OPEC+'s compliance rate with the supply cut in December 2021 was 122 percent.
OPEC+ produced 800,000 barrels/day below the targeted level in 2021. OPEC+'s total revenue loss was calculated as $21 billion based on an average price of $70/barrel.
Oil and energy ministers of OPEC+ member countries, led by OPEC and Russia, decided to increase oil production by 400 thousand barrels/day in March.
In its report to be submitted to the Committee of Ministers yesterday, the OPEC+ Joint Technical Committee reduced its forecast for excess oil supply from 1.4 million barrels/day to 1.3 million barrels/day and predicted that OPEC+ would not increase production by more than 400 thousand barrels per day.
OLD PRODUCTION LEVEL WILL BE ATTRACTED IN SEPTEMBER
OPEC+, which has been increasing its daily production by 400 thousand barrels/day every month since August, plans to return to its pre-2020 production level in September. Although OPEC+ has taken decisions to increase production, the countries that are party to the agreement have not been able to increase their production as much as the quotas given to them. Kaynak: OPEC+ Mart’ta da üretimi günde 400 bin varil arttiracak
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