OPEC+ says to stick to further oil output rise under agreement

MOSCOW, Sep 1 (PRIME) -- The OPEC+ states have decided to adhere to the previously approved plan to gradually raise oil production under the oil output reduction deal, the alliance said in a communique on Wednesday.

“(The participants) have confirmed the previously agreed plan for oil output adjustment, and the monthly adjustment mechanism, approved by the 19th meeting of OPEC and non-OPEC, and decided to raise crude production by 0.4 million barrels per day in October,” the document read.

The mechanism of compensation for previous oversupply by some members has been prolonged until the end of December.

OPEC+ also said that its members fulfilled the deal by 110% in July.

The next meeting of the alliance is scheduled for October 4.

The OPEC+ countries agreed to reduce their oil output by 9.7 million barrels per day in May 2020 to fight the consequences of the global coronavirus pandemic, with Russia’s share of 2.5 million barrels per day. The cut was narrowed to 7.7 million barrels per day for August–December 2020, and then to 5.8 million barrels per day.

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