Today, on November 4, the next online conference of OPEC + member ministers will be held.
The ministers will discuss whether to maintain the plan to increase oil production by 400 thousand barrels per day in December.
It is yet unknown what decision they will make, as many OPEC + ministers have already expressed the view that the market will no longer need this growth plan for the winter season.
Due to the declining demand for oil caused by the coronavirus pandemic, OPEC + has reduced production by 9.7 million barrels per day since May last year.
With the stabilization of the situation, oil production has more or less resumed. From August 2021, the Alliance increased oil production by 400 thousand barrels per month. Since then, the member states of the organization have met every month and discussed the production plan for the coming month.
