(ANSA) - MILAN, 01 SEPT - OPEC and its allies have decided to stick to the existing plan for a gradual monthly increase in oil production after a brief meeting and conference.
Ministers ratified the increase in supply of 400,000 barrels per day scheduled for October, Opec + delegates said, according to Bloomberg.
The oil producers group took less than an hour to reach an agreement: it was one of the fastest meetings in the organization's recent memory in stark contrast to the lengthy negotiations seen in previous cartel talks in July. With crude oil prices largely recovered from the mid-August slump and relatively tight supply prospects for the rest of the year, the group has little reason to change the already laid out schedule of gradual monthly increases in supply. The Organization of Oil Exporting Countries and its allies, including Russia, are preparing to pull back the unprecedented production cuts implemented in the midst of the Covid crisis last year. About 45% of the inactive offer has already been reinstated and in lugliol 'Opec + has defined a plan to gradually restore the rest until September 2022. (ANSA).