OPEC+ stick to existing plans to increase oil output

Oil

The OPEC+ coalition have voted to maintain their current policy of increasing crude oil production by a collective 400K b/d in December, resisting calls from the US to ramp up output at a faster pace in order to combat rising prices, Reuters report. Under the group’s current agreement production will increase by 400K b/d each month from August until April 2022, before then rising by 432K b/d monthly from May 2022 until the cuts introduced last year have been restored, according to Argus. OPEC+ are next due to meet on 2 December where they will discuss their strategy for January.