The organization of oil-exporting countries increased the volume of oil extracted by 200,000 barrels per day in November. But that’s 34,000 barrels less than she originally promised. OPEC and its allies, led by Russia, will meet for a joint meeting on Thursday.
In November, the Organization of the Petroleum Exporting Countries delivered 27.74 million barrels per day to the market. This is more than in October, but less than expected and than OPEC originally promised. According to an analysis by Reuters.
OPEC and its allies in the OPEC + group have agreed to gradually increase mining volumes after being drastically reduced due to the outbreak of a coronavirus pandemic. But the fact is that the increase is slower than expected. According to Reuters, this is mainly due to larger producers within OPEC +, smaller ones would be willing to increase production faster.
OPEC + argued that the pace of mining growth was in line with the global economic situation and that there was still a risk of weak demand next year. The discovery of the omicron variant thus gives her a partial truth. OPEC + representatives are due to meet on Thursday to discuss a scenario for increasing oil production for next year, but analysts fear that the trend will not change significantly.