OPEC+ maintains 400,000 b/d output increase in December

November 7, 2021

ALGIERS-The Organization of the Petroleum Exporting Countries and its allies (OPEC+), on Thursday, decided to maintain the production increase by 400,000 barrels/d, announced the Minister of Energy and Mines, Mohamed Arkab.

It is worth noting that this meeting, which includes 23 countries (13 OPEC countries and 10 non-OPEC members) that signed the cooperation declaration, was devoted to studying the conditions of the global oil market and its short-term prospects, added the same source.

As preceded by this meeting, the 34th meeting of the Joint Ministerial Monitoring Committee (GMMC), which – on the basis of the report of the Joint Technical Committee – assessed the current short-term oil market conditions, as well as the level of compliance with the production-reduction obligations of the signatory countries to the declaration of cooperation.

The Inter-Ministerial Committee of the OPEC member countries consists of Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Nigeria, Venezuela and two non-OPEC countries, Russia and Kazakhstan.

Angola also participated in the work of (GMMC) as the President of the OPEC Conference.

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