The world's major oil producers Monday agreed to raise their production by 400,000 barrels per day (bpd) in November, sticking to the existing plan which requires the group to incrementally phase out the production cuts.
The 23-members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, held the 21st Ministerial Meeting via videoconference.
Reaffirming their decision in July meeting, the group said they decided to increase the production by 400,000 bpd in November.
In July, OPEC+ countries had agreed to raise output by 400,000 bpd from August to December and extend its production cut agreement from April 2022 to December 2022.
The next meeting of OPEC and non-OPEC members is scheduled for Nov. 4.
- Oil prices increased more than 3%
As the meeting ended, Brent reached its three-year-high level with $81.98 per barrel, posting 3.4% rise compared to the previous session.
American benchmark West Texas Intermediate (WTI) was at $78.36 per barrel at the same time and recorded and increase of 3.26%, highest level since November 2014.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr