9/1, 5:09 PM (Source: TeleTrader)
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OPEC+ keeps policy unchanged - report

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to leave its oil production policy unchanged compared to the July meeting's ruling, Energy Intelligence's chief OPEC correspondent Amena Bakr reported on Wednesday.

The report hinted that an agreement to increase production by 400,000 barrels per day (bpd) each month until the end of December 2021, was reached in "a smooth meeting," with no opposing voices by any of the members.

Russian Deputy Prime Minister Alexander Novak previously asserted the global oil market will be fully restored next year. OPEC+ also reportedly revised its 2022 oil demand growth forecast by almost 1 million bpd to 4.2 million bpd.

Breaking the News / BU