OPEC+ committee advises alliance not to accelerate oil production increase

Vienna : The OPEC+ committee recommended the alliance not to accelerate the increase in oil production, and to boost it in December by 4,00,000 barrels per day, a source in one of the delegations told Sputnik.

"The committee recommended to continue to increase production within the current parameters of the deal," the source said. Now the recommendation will be discussed at a meeting of all heads of the alliance's delegations, and on its results, a press conference will be held, scheduled for 14:30 GMT.

OPEC+ is now increasing its production by 4,00,000 barrels per day each month. In May last year, the alliance's output was reduced by 9.7 million barrels per day due to a drop in oil demand caused by the coronavirus pandemic. The alliance expects to gradually withdraw from its production restriction obligations by the end of September 2022. As of November, they amount to 4.16 million barrels per day.