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FinancialNews


  • 30-08-21

    OPEC+, allies to keep their plan to gradually restore amount of crude production

    (MENAFN)after suspending plans during the pandemic, OPEC+ and its allies are likely to carry on their plan to gradually return the massive amount of crude production and keep raising production by 400,000 barrels per day every month for the rest of the year.

    When international crude prices dropped USD11 a barrel roughly 15 percent, in the first three weeks of August as China applied lockdowns, plans for supply increases caused doubts.

    According to a report, the 400,000 bpd improve in oil output confirmed by OPEC+ nations in lat meetings would be reviewed at its coming assembly on Sept.1.

    At a government-sponsored event in Kuwait City, Mohammad Abdulatif was quoted as saying that “The markets are slowing. Since COVID-19 has begun its fourth wave in some areas, we must be careful and reconsider this increase. There may be a halt to the 400,000 (bpd) increase.”

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