OPEC+ ministers decide on increasing oil output by 400,000 bpd in Nov - sources

MOSCOW. Oct 4 (Interfax) - At a meeting on Monday, OPEC+ ministers made a decision to adhere to their earlier plan to increase oil production in November by 400,000 bpd, sources familiar with the outcome of the meeting told Interfax.

The Ministerial Committee recommended the ministers to stick to the current plan to increase oil production in November by 400,000 bpd.

Prior to the meeting, informal meetings considered the option of a more vigorous production hike - raising it by 800,000 bpd in November and holding that figure in December.

Earlier, experts on the OPEC+ technical committee came to the conclusion that even if the oil demand situation worsens in 2021 there will still be a shortage of oil in the scenario where OPEC+ countries ramp up production.

The market is expected to see a surplus of 1.4 million bpd of oil in 2022, but according to Interfax sources, the ministers have yet to discuss more distant plans.