International Energy Forum expects OPEC Plus to stick to oil production increases

New York-Sana

Joseph McMongle, Secretary-General of the International Energy Forum, expected that the OPEC countries and its allies will stick to its current plan for gradual monthly increases in oil production, unless unexpected external factors occur.

And the OPEC Plus group said recently that it intends to stick to its plans to gradually increase by about 400,000 barrels per day each month.

"I expect that they will stick to their current plan in light of the oversupply for next year, which is something that the oil markets usually see in the first quarter," McMongle told Reuters, noting that if they had to make a change, it would be due to unexpected external factors such as closures in Europe and any kind. From withdrawals from the reserve or changes in the demand for aviation fuel.

He added that a faster-than-expected return of international long-distance flights would be another factor that could change the opinion of OPEC Plus.