GulfSlope Energy Inc (GSPE)

[smith199]

27th OPEC and non-OPEC Ministerial Meeting March 31, 2022

https://www.opec.org/opec_web/en/press_room/6845.htm

Following the conclusion of the 27th OPEC and non-OPEC Ministerial Meeting, held via videoconference on March 31, it was 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.

The OPEC and participating non-OPEC oil-producing countries decided to:

1. 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.

2. 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 the month of May 2022, as per the attached schedule.

https://www.opec.org/opec_web/static_files_project/media/downloads/press_room/Production%20table%20-%2027th%20ONOMM.pdf

3. 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.

4. Hold the 28th OPEC and non-OPEC Ministerial Meeting on 5 May 2022.


Outcome of the Extraordinary 183rd Meeting of the OPEC Conference, March 31, 2022

At the Extraordinary 183rd Meeting of the OPEC Conference held via videoconference today, the Conference, in a short meeting, approved with immediate effect, the replacement of the International Energy Agency (IEA) with Wood Mackenzie and Rystad Energy as secondary sources used to assess OPEC Member Countries crude oil production.

Note: I found it interesting that OPEC decided to replace the IEA. I guess hostility towards fossil fuels only goes so far.