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OPEC+ seen sticking to policy despite higher oil demand

September 1, 2021

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OPEC and its allies will likely stick to their existing policy of gradual oil output increases, four sources said on Wednesday, even though the group revised up its 2022 demand outlook and still faces U.S. pressure to raise production more quickly.

The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, holds a full ministerial meeting online on Wednesday.

The group agreed in July to phase out record output cuts by adding 400,000 barrels per day (bpd) a month to the market.

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