OPEC meets on output increase as oil prices rally
(VOVWORLD) - The Organization of the Petroleum Exporting Countries (OPEC) and its allies met on Monday to debate how much oil to release into the red hot market, where supply disruptions and recovering demand from the coronavirus pandemic have pushed oil above 80 USD per barrel.
 An oil facility in Jubail, Saudi Arabia. (Photo: AFP/VNA) |
The oil market has changed little since the OPEC+ meeting in early September as demand continues to rise.
The increase in oil prices on the one hand benefits producers, on the other hand threatens to stifle economic recovery from the COVID-19 pandemic.
In August, OPEC+ experts forecast that the growth of crude oil demand in 2022 will reach 4.2 million barrels per day, up from the previous forecast of 3.28 million barrels a day. This is said to cause OPEC+ to increase oil production in the future.