OPEC+ sticks with 400,000 bpd increase for January

02/12/2021 Argaam

Logo of OPEC

OPEC and its allies decided, today, Dec. 2, to stick to their policy of monthly oil output increases by 400,000 bpd increase for January. 

 

In July, Opec+ agreed on a roadmap to restore all of the production it removed from the market in May 2020 in response to the COVID-induced collapse in oil demand.  
 

In an official statement following the 23rd OPEC and non-OPEC Ministerial Meeting, the OPEC+ extended "the compensation period until the end of June 2022 as requested by some underperforming countries and requested that underperforming countries submit their plans by December 17." 

 

The OPEC+ 24th Ministerial Meeting will be held on Jan. 4, 2022. 

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