OPEC affirms oil deal, to raise output by 400,000 bpd in November

MOSCOW, Oct 4 (PRIME) -- The OPEC plus alliance will maintain the current parameters of its oil output reduction deal, so that the combined oil production of the countries of the alliance will rise by 400,000 barrels per day in November, the alliance said in a statement following a Monday meeting of the OPEC plus.

The decision was made taking into account the fundamental factors of the global oil market and the joint vision of a forecast for its further development by the member countries, the alliance said.

The next meeting of the member countries of the alliance was scheduled for November 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. Since August 2021, the alliance has been raising production by 400,000 barrels per day each month expecting to cancel the reduction liabilities at the end of September 2022.

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