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OPEC+ agreed today, Oct. 4, to maintain an existing pact to hike oil output by 400,000 barrels per day (bpd) in November, amid strong global demand for crude.

 

In its 21st Ministerial Meeting, OPEC and its allies affirmed the production adjustment plan and the monthly production adjustment mechanism approved earlier and the decision to adjust upward the monthly overall production by 400,000 bpd for November.

 

OPEC+ also reiterated the critical importance of adhering to full conformity and to the compensation mechanism taking advantage of the extension of the compensation period until the end of December 2021.

 

The 22nd OPEC and non-OPEC Ministerial Meeting is scheduled for Nov. 4.

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