OPEC+ sticks to planned output hike

VIENNA — The world’s major oil producers have pledged to stick to the plan to increase oil production by 400,000 barrels per day next month.

The 23rd OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC Ministerial Meeting (ONOMM), held via videoconference on Thursday. OPEC and its allies are also known as OPEC+.

The ONOMM “reconfirms the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d (million barrels per day) for the month of January 2022,” a statement said.

The meeting reaffirms the continued commitment of the Participating Countries in the Declaration of Cooperation (DoC) to ensure a stable and balanced oil market, the statement said, adding that the 24th ONOMM will be held on Jan. 4 next year.

The world’s major oil producers have been resisting pressure from the United States to significantly increase oil production to rein in the surging oil prices and have been sticking to the plan to increase oil output by 400,000 barrels per day each month since May.