The OPEC+ countries at the end of the meeting decided on the rate of increase in oil production in December: the alliance will continue to increase output by 400,000 barrels per day, despite calls from the US and other importers to give the market more barrels and stabilize prices, Report informs.
Every month, OPEC+ increases its production by 400,000 barrels per day, which was reduced by 9.7 million barrels per day in May last year due to the drop in oil demand caused by the coronavirus pandemic. The alliance expects to gradually withdraw from its production restriction commitments by the end of September 2022. As of November, they amount to 4.16 million barrels per day.
At the same time, amid rather high oil prices, which have consolidated above $80 per barrel, before the meeting there were calls from the largest oil importers to OPEC+ to stabilize the market and increase supplies. In particular, US President Joe Biden has repeatedly blamed OPEC+ for the rise in gasoline prices in the US over the past weeks, where inflation is at its highest in 13 years.