A Series of Meetings of OPEC + will be held on October 4, 2021
On the 4th of October, 2021, the OPEC + Alliance is holding a series of meetings, at which it will assess the situation on the oil market and the feasibility of adjusting its current strategy to increase oil production by 400 thousand barrels per day per month.
Members of the OPEC + ministerial monitoring committee will be the first to gather via videoconference. Based on the analysis of the market and the level of implementation of the oil production limitation agreement, the committee prepares recommendations for the entire alliance on further preferred actions. They will be followed by all the heads of the delegations of the countries of the OPEC + agreement led by Russia and Saudi Arabia.
A meeting of the OPEC + technical committee of experts was held this week. He raised the forecast for the shortage of supply in the oil market in 2021 to 1.1 million barrels per day from the previously expected 0.9 million barrels per day. In addition, OPEC + expects a supply surplus of 1.4 million barrels per day in 2022, compared to the earlier forecast of 1.6 million barrels per day.
According to Reuters, OPEC + will consider various options for increasing oil production at a meeting on Monday, amid the fact that commodity prices are reaching three-year highs. According to the interlocutors, this can be either the preservation of the current strategy - an increase in production by 400 thousand barrels per day in November, or an increase in excess of this volume.