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The OPEC+ coalition ignored the call from the US Administration in August to open the taps and ensure supply is enough to continue supporting the global economic recovery.
By Tsvetana Paraskova
Over the past month, the leading Middle Eastern oil producers part of OPEC and the wider OPEC+ alliance continued with their policy to ease the collective oil production cuts, the world’s largest oil exporter slashed the prices of its crude for Asia in October, and a number of companies signed contracts and partnerships to provide more energy solutions in the region.
OPEC+ Continues Easing Oil Production Cuts During a short and rather uneventful meeting on 1 September, the OPEC+ group maintained its policy and said it would continue easing the collective cuts by another 400,000 barrels per day (bpd) in October. “The Meeting noted that, while the effects of the COVID-19 pandemic continue to cast some uncertainty, market fundamentals have strengthened and OECD stocks continue to fall as the recovery accelerates,” OPEC said after the meeting.
www.ogv.energy I October 2021
