OPEC + adheres to a gradual increase in production … and extends the compensation period for non-compliant countries

The OPEC + group concluded its meeting, today, Wednesday, with a unanimous agreement to keep the production policy unchanged, setting October 4 as the date for the next meeting of the group to review the production policy, according to a statement released by “OPEC +” .

The press release from the OPEC + ministerial meeting stated that the countries of the group confirmed the plan to increase production by 400,000 barrels per day each month, with the extension of the compensation period for countries that have not committed to production levels until at the end of December.

According to the statement, non-compliant countries will submit compensation plans no later than September 17, with the next group meeting on October 4.

The Alliance’s Joint Technical Committee expects the oil market to remain in deficit at least until the end of quest’year and that inventories will remain relatively low until May next year.

The committee also revised the forecast for growth in oil demand next year, bringing it to four point two million barrels per day from a previous estimate of three point two million barrels per day.

This comes after experts from the OPEC + Joint Technical Committee presented the latest report on the state of the markets in the next period, which indicates an expected deficit of 900,000 barrels per day. quest’year.

On the other hand, the Energy Information Administration said The American daily said on Wednesday that crude oil inventories in the United States fell last week While gasoline stocks have increased.

Crude oil inventories fell 7.2 million barrels in the week ending August 27 to 425.4 million barrels, the lowest since September 2019, and compared to analysts’ expectations. in a Reuters poll for a drop of 3.1 million barrels.

Data from the Energy Information Administration showed that crude oil inventories at the Cushing delivery center, in Oklahoma, they rose 836,000 barrels last week, according to “Reuters”.

The consumption of crude oil in refineries fell by 134,000 barrels per day last week. Operating rates of the refinery decreased by 1.1 percentage points.

U.S. gasoline inventories increased by 1.3 million barrels last week to 227.2 million barrels, while a decline of 1.6 million barrels was expected.

The Energy Information Administration said U.S. net imports of crude oil last week fell by 45,000 barrels per day to 3.3 million barrels per day.

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