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11/4/2021, 3:52 PM (Source: TeleTrader)
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OPEC+ confirms 400,000 bpd output increase

The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC (OPEC+) Ministerial Meeting on Thursday ended in a recommendation to increase production by 400,000 barrels per day, confirming earlier speculation and resisting pressure for a more significant increase.

According to a statement released by OPEC, the meeting resolved to "reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of December 2021." The next meeting is scheduled to take place on 2 December.

Oil prices increased before the meeting in anticipation of the announcement and continue to rise more than 1%.

Baha Breaking News (BBN) / IB