OPEC + agreed to maintain production increase at 400,000 barrels per day
The organization and its allies evaluated the behavior of the market and decided to keep the monthly quota established in July.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC +, agreed on Wednesday to keep their plans to increase crude production by 400,000 barrels a day, the cartel reported in a statement.
OPEC + met this Wednesday like every month to assess the situation of the oil market and decide what adjustments to make to its production.
The cartel stressed that, despite the effects of the pandemic on uncertainty, oil market fundamentals have “strengthened” in recent weeks and OECD crude stocks have continued to fall as the recovery has sped up.
According to the plan they decided in July, OPEC + will increase its production by 400,000 barrels a day each month until completely reversing the cut to production of 5.8 million barrels a day that they agreed to last year.
After knowing this decision, the price of oil futures contracts has not registered large changes. A barrel of Brent, the benchmark in Europe, has reached 71.25 dollars, 0.5 % less, while West Texas Intermediate, the benchmark barrel in the United States, has fallen 0.45 %, to 68, $ 16.
The next inter-ministerial meeting of the OPEC countries and their allies will take place on October 4.
Source: dpa
