Iran Press/ Europe: In the meeting, which was held via videoconference on Monday, 23 members of OPEC and non-OPEC, known collectively as OPEC+, agreed to increase their total crude oil output by 400,000 bpd in November regardless of what the White House had pushed for.
OPEC and allied producers cut crude oil output by a record 9.7 million bpd in May 2020 as demand decreased due to the COVID-19 pandemic. But, they have eased their production cuts as oil demand recovered.
The meeting was held under the Chairmanship of Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-Chair Alexander Novak, Deputy Prime Minister of the Russian Federation.
In view of current oil market fundamentals and the consensus on its outlook, OPEC and participating non-OPEC oil-producing countries:
* Reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021.
* Reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust the overall monthly production upward by 0.4 mb/d for November 2021, as per the attached schedule.
* Reiterated the critical importance of adhering to full conformity and to the compensation mechanism taking advantage of the extension of the compensation period until the end of December 2021. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and non-OPEC Ministerial Meeting.
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