- News
- Insights
- Platts
- OPEC+ affirms plans to hike October crude oil production by 400,000 b/d: delegates
.
-
May 17
-
May 11
-
Apr 25
-
Apr 5
-
Mar 22
-
Mar 14
-
Mar 7
-
Mar 4
-
Feb 25
-
Feb 17
-
Feb 8
-
Feb 4
-
Jan 28
-
Jan 4
-
Dec 31
-
Dec 23
-
Dec 22
-
Dec 20
-
Dec 20
-
Dec 14
-
Dec 9
-
Dec 7
-
Dec 2
-
Nov 30
-
Nov 23
-
Nov 22
-
Nov 18
-
Nov 15
-
Nov 2
-
Oct 28
-
Oct 27
-
Oct 14
-
Oct 11
-
Oct 7
-
Oct 6
-
Sep 28
-
Sep 22
-
Sep 16
-
Sep 15
-
Sep 8
-
Sep 7
-
Aug 25
-
Aug 19
-
Aug 12
-
Aug 11
-
Aug 6
-
Aug 5
-
Jul 28
-
Jul 19
-
Jul 16
-
Jul 14
-
Jul 9
-
Jul 1
-
Jun 22
-
Jun 17
-
Jun 16
-
Jun 10
-
Jun 9
-
Jun 3
-
Jun 2
-
May 27
-
May 24
-
May 17
-
May 13
-
May 11
-
May 10
-
May 7
-
May 6
-
Apr 30
-
Apr 29
-
Apr 21
-
Apr 21
-
Apr 8
-
Apr 6
-
Mar 24
-
Mar 18
-
Mar 16
-
Mar 15
-
Mar 11
-
Mar 8
-
Mar 2
-
Feb 26
-
Feb 23
-
Feb 18
-
Feb 5
-
Feb 3
-
Jan 28
-
Jan 26
-
Jan 21
-
Jan 19
-
Jan 12
-
Jan 6
-
Dec 29
-
Nov 26
-
Nov 24
-
Nov 12
-
Nov 3
-
Oct 28
-
Oct 26
-
Oct 21
-
Oct 13
-
Oct 8
-
Oct 6
-
Sep 24
-
Sep 17
-
Sep 8
-
Sep 2
-
Aug 31
-
Aug 27
-
Aug 21
-
Aug 19
-
Aug 13
-
Aug 5
-
Aug 3
-
Jul 28
-
Jul 23
-
Jun 25
-
Jun 4
-
May 27
-
May 22
-
May 15
-
May 6
-
May 4
-
May 1
-
Apr 30
OPEC and its allies will hike their collective crude production by 400,000 b/d in October, sticking to the previously agreed plans to continue easing their historic output cuts, according to delegates attending the group’s Sept. 1 meeting.
Despite uncertainties surrounding the impact of Hurricane Ida and stubbornly high COVID-19 infections, the producer alliance is counting on robust oil demand in the months ahead, having reviewed internal forecasts that show demand would far exceed supply through the end of 2021.
Russian Deputy Prime Minister Alexander Novak told state media just prior to the meeting that he expects global oil demand to grow 5.8 million-6 million b/d in 2021, and recover to prepandemic levels of about 100 million b/d in 2022.
"Thanks to joint actions, [OPEC+] managed to remove the stock surplus that was accumulated during decline in demand,” said Novak, who manages Russia's OPEC+ affairs. “Now it is important to maintain this balance and synchronize production and demand.”
Under the OPEC+ accord agreed in July, the alliance is set to raise production by 400,000 b/d each month, though it will convene every month to review those plans to remain responsive to market conditions. If it sticks to its schedule, OPEC+ will eliminate the record cuts it enacted during the market crash in spring 2020 by late 2022, though not all members have the spare production capacity to restore their output to prepandemic levels.
Platts ,