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11/24/2021, 4:00 PM (Source: TeleTrader)
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Oil release from reserves may affect OPEC policy - report

The Organization of the Petroleum Exporting Countries (OPEC) and its partners led by Russia are considering suspending their agreement on a gradual increase in oil production, The Wall Street Journal reported on Wednesday, citing sources briefed on the matter.

The group is exploring the possibility of taking that step after the United States, China, India, Japan, South Korea and the United Kingdom all agreed to release oil from their respective reserves in a coordinated move yesterday. However, some OPEC members, such as the United Arab Emirates and Kuwait, are reportedly currently opposing a temporary halt to the alliance's oil output deal.

The accord between OPEC and its allies is centered on returning 400,000 barrels per day each month until the end of 2021, enabling them to gradually recover production to pre-pandemic levels while also providing flexibility in case of additional oil market instability. The next OPEC+ meeting is scheduled for early December.

Baha Breaking the News (BBN) / MS