7 November, 2021
OPEC and its oil-producing allies have agreed to continue with their current output plan, deciding against loosening the taps in the face of multi-year highs in crude prices and US pressure to help cool the market.
The group, known as OPEC+, will rollover its August program to gradually increase oil production by 400,000 barrels per day each month.
Russian Energy Minister Alexander Novak told a news conference Thursday, “The decision was made previously to increase production by 400,000 (barrels per day) every month, and I underscore every month, until the end of 2022. Today the decision was reiterated to maintain current parameters which were decided on earlier.” - CNBC