OPEC: Increased oil production by 400,000 barrels per day next month

date of publication :

Thursday

10:37 2021-11-4

The Organization of Petroleum Exporting Countries (OPEC +) agreed to stabilize production increases by 400,000 barrels per day in next December.

This came during its meeting today, Thursday, during which the volume of oil production in next December was discussed, under pressure from consuming countries that are putting pressure to increase production.

The ministerial meeting of the 13 member states of the organization and ten allies within the framework of the (OPEC +) agreement was held via video link.

The alliance of the Organization of Petroleum Exporting Countries (OPEC +) and independent producers is scheduled to hold its next meeting on the second of next month.

Today, Thursday, oil prices jumped by more than 2.7%, reducing its gains to less than 2% after the results of the meeting were announced. Brent crude reached $83.33 a barrel, up by 1.6 percent, while US crude rose 1.37% to $81.97 a barrel.

On Wednesday, the Energy Information Administration said that oil and distillate inventories in the United States rose last week, while gasoline stocks fell.

In a weekly report, the government agency added that crude stocks increased by 3.3 million barrels during the week ending October 29 to 434.1 million barrels.

The Joint Technical Committee of (OPEC +) reduced its estimates for the growth of global demand for oil from 5.8 million to 5.7 million barrels per day in 2021 during its last meeting, during which it kept its forecast for demand during the next year at 4.2 million barrels per day.