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The OPEC+ ministerial panel decides to follow oil output pact

OPEC building [Zamoto Media/Facebook]
OPEC building [Zamoto Media/Facebook]

An OPEC+ ministerial panel gathered today to discuss the latest oil prices and decided to follow an existing pact to hike oil output by 400,000 barrels per day (bpd) in November, Reuters report.

According to the report, the ministerial panel ended its gathering with a recommendation that the group sticks to its existing policy.

The existing plan of OPEC is to boost output by 400,000 bpd a month until, at least, April 2022 to phase out 5.8 million bpd of existing production cuts, already much reduced from curbs that were put in place during the worst of the pandemic, the report added.

Countries such as India, China, and the United States push the Organisation of the Petroleum Exporting Countries, Russia, and their allies, known as OPEC+, to add extra supplies in order to decrease the oil prices.

Brent oil price went up, above US$80 a barrel, last month due to global monetary inflation pressures and threatening a recovery from the COVID-19 pandemic, report says.

"There are calls for more of a production increase by OPEC+," one of the OPEC+ sources told Reuters ahead of the panel meeting. "We are scared of the fourth wave of Corona; no one wants to make any big moves."

READ: Saudi Arabia oil production cut to last two more months, minister says

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