Friday, December 03, 2021

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OPEC + agrees to maintain oil production increase

OPEC + agrees to maintain oil production increase

London, Sep 1 (Prensa Latina) The Organization of Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed today to maintain unchanged their policy of increasing crude production by 400 thousand barrels per day.
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After concluding a virtual meeting held this Wednesday, the cartel reported that despite the uncertainty generated by the impact of the Covid-19 pandemic, the oil market has strengthened in recent weeks.

Last July the group agreed to eliminate the record production cuts by adding 400 thousand barrels per day (bpd) per month, until completely reversing the cut of 5.8 million bpd agreed the previous year.

The day before, OPEC + experts revised the forecast for hydrocarbon demand growth for 2022 to 4.2 million bpd, compared to the previous 3.28 million bpd, which could favor higher production in the future.

The next inter-ministerial meeting of the OPEC countries and their allies is scheduled for October 4.

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