The OPEC + countries have decided to maintain the current strategy of the Alliance and increase oil production by 400 thousand barrels as planned for January. The Bloomberg agency spreads information about this.
The next OPEC + meeting will be held on January 4.
The Alliance Monitoring Committee includes eight countries that lead the work of the body. These are Algeria, Venezuela, Iraq, Kazakhstan, Kuwait, United Arab Emirates, Russia, and Saudi Arabia.
Due to the declining demand for oil caused by the coronavirus pandemic, OPEC + has reduced production by 9.7 million barrels 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 organization's member states have met every month and discussed the production plan for the coming month.