The Organisation of the Petroleum Exporting Countries and its allies, on Wednesday, agreed to stick to their existing plan for gradual monthly oil production increases.
OPEC and non-OPEC ministers ratified the 400,000 barrel-per-day supply hike scheduled for October after less than an hour of talks during a video conference.
After a couple of weeks of wrangling, OPEC had resolved on July 18 to increase their overall production by 400,000bpd on a monthly basis starting from August until phasing out the 5.8 million bpd production adjustment.
The resolution put an end to an acrimonious spat between Saudi Arabia and the UAE, which had arisen after the UAE had objected to Saudi Arabia’s plan to tie OPEC+ production increases to a lengthening of the supply management pact.
The ministers noted on Wednesday that while the effects of the COVID-19 pandemic continued to cast some uncertainty, market fundamentals had strengthened and OECD stocks continued to fall as the recovery accelerated