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OPEC and its allies decided, today, Dec. 2, to stick to their policy of monthly oil output increases by 400,000 bpd increase for January.
In July, Opec+ agreed on a roadmap to restore all of the production it removed from the market in May 2020 in response to the COVID-induced collapse in oil demand.
In an official statement following the 23rd OPEC and non-OPEC Ministerial Meeting, the OPEC+ extended "the compensation period until the end of June 2022 as requested by some underperforming countries and requested that underperforming countries submit their plans by December 17."
The OPEC+ 24th Ministerial Meeting will be held on Jan. 4, 2022.
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