The OPEC+ Monitoring Committee advised to preserve the production parameters

The OPEC+ Monitoring Committee at today's meeting recommended that the alliance countries maintain the plan to increase oil production by 400 thousand barrels per day in December. The ministerial conference, at which the final decision will be made, will end a little later.

It is worth noting that before the OPEC+ meeting, India, Japan, the United States and other major oil consumers tried to convince exporting countries to increase production by 600-800 thousand barrels per day. At meetings in September and October, the organization refused to take such measures. 

However, many OPEC+ member countries oppose an increase in production rates, arguing that the market is already well balanced. At the same time, in September, OPEC countries were 15% behind the target oil production.

Analysts believe that if OPEC+ refuses to supply more oil to the market, it faces a conflict with the United States. Last week, US President Joe Biden called the situation in which «Russia, Saudi Arabia and other major producers are not going to pump more oil» wrong.