OPEC+ to maintain existing production increase plan

Oil

The OPEC+ coalition has agreed to stick to its original plan of increasing crude oil output by a collective 400K b/d in November, resisting calls to boost production more quickly than previously planned amid concerns of an upcoming supply deficit, Argus reports. Earlier today the group’s Joint Ministerial Monitoring Committee (JMCC) had discussed ramping up output by 800K b/d in November and then maintaining quotas across December, however this has been decided against due to uncertain crude demand during 1Q22. Furthermore, additional concerns were raised surrounding the ability of certain members, particularly Angola and Nigeria, to ramp up their production following ongoing infrastructure issues.