OPEC + confirmed the statement not to accelerate the increase in oil production
OPEC + has decided to keep the current parameters of its oil deal
OPEC + has confirmed that it has decided to maintain the current parameters of its oil deal and increase production in November by 400 thousand barrels per day, according to the final communique of the alliance following the meeting held on October 4.
Earlier that the alliance made such a decision was reported by a source to RIA Novosti in one of the delegations.
“Taking into account the current fundamental factors in the oil market and the general vision of the future forecast of its development, OPEC and the agreements outside the organization … confirmed their plan for monthly production adjustments, approved at the 19th meeting of OPEC + ministers, as well as the decision to adjust production upwards oil in November by 0.4 million barrels per day, “the document says.
According to the information given in the OPEC + communique, Russia and Saudi Arabia in November will be able to increase production to 9.913 million barrels per day, Iraq – up to 4.193 million, the United Arab Emirates – up to 2.855 million, Kuwait – up to 2.532 million.
The OPEC + Alliance has cut its production by 9.7 million barrels per day since May last year due to a drop in oil demand caused by the coronavirus pandemic. As the situation stabilized, the deal was corrected. And since August 2021, the alliance has been increasing production by 400 thousand barrels per day per month, hoping to gradually withdraw from its obligations to reduce it by the end of September 2022.
The baseline for all countries of the OPEC + agreement is October 2018, and for Russia and Saudi Arabia – the figure of 11 million barrels per day. However, from May 2022, it was agreed to increase the base for the reduction of oil production for Russia, Saudi Arabia, the UAE, Iraq and Kuwait. For Russia and Saudi Arabia, it will rise to 11.5 million barrels per day.