MOSCOW, October 5. Ministers of OPEC+ countries resolved to continue scaling up oil production by 400,000 barrels per day in November at the meeting on October 4, the OPEC Secretariat said in its communique. OPEC and non-OPEC countries “reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 million barrels/day for the month of November 2021,” the Secretariat said.
The countries also “reiterated the critical importance of adhering to full conformity and to the compensation mechanism taking advantage of the extension of the compensation period until the end of December 2021,” according to the document.
The next ministerial meeting will be held on November 4, 2021, the Secretariat said.
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