OPEC ignores US call to accelerate oil production increase

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Thursday, November 04, 2021 - 17:52
Point Trader Group
OPEC ignores US call to accelerate oil production increase

OPEC and its allies agreed at a meeting on Thursday, November 4, to stick to plans to increase oil production by 400,000 barrels per day from December, despite calls from the United States for more supplies to curb rising prices.

Saudi Arabia, the largest producer in the Organization of the Petroleum Exporting Countries, has already rejected calls for a faster oil supply increase by the Organization of the Petroleum Exporting Countries and its allies within the OPEC+ group, blaming economic headwinds.

OPEC + sources said that the United States has a great ability to increase production itself if it wants to help the world accelerate the economic recovery.

Oil prices have risen this year to a three-year high above $86 a barrel as demand recovers from the impact of coronavirus-related restrictions and OPEC+ only gradually increases supplies.

Producers are wary of moving too quickly for fear of a new setback in the battle against the pandemic.

Russian Deputy Prime Minister Alexander Novak said that since August, OPEC has already added 2 million barrels per day to global supplies, and will continue its plan to add another 400,000 barrels each month in late 2021 and the early months of 2022.


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