12/2/2021, 3:52 PM (Source: TeleTrader)
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OPEC+ confirms decision to raise Jan. oil output by 0.4M bpd

The Organization of the Petroleum Exporting Countries and its allies confirmed on Thursday their decision to increase the monthly overall oil production by 400,000 barrels per day for January next year.

In an official statement following the 23rd OPEC and non-OPEC Ministerial Meeting, the OPEC+ extended "the compensation period until the end of June 2022 as requested by some underperforming countries and requested that underperforming countries submit their plans by December 17."

The 24th OPEC and non-OPEC Ministerial Meeting has been scheduled for January 4.

Baha Breaking the News (BBN) / ND