The Organization of Petroleum Exporting Countries (OPEC) decided to maintain the rhythm of monthly production increases by 400,000 barrels per day until 2022 despite the US pressure to outstrip supply.
In a virtual meeting, the energy ministers of OPEC and other major producers -known as OPEC+- agreed that the risk factors on fuel demand persist.
It is necessary to ensure a stable and balanced oil market and an efficient and secure supply to consumers, explains OPEC+ in its final statement.
Clarity must be provided, experts set out in the text, at a time when other parts of the energy market outside the oil market are experiencing extreme volatility and instability.
At the online meeting, Russia’s Deputy Prime Minister Alexander Novak reiterated that although the oil market is recovering, it remains under pressure from the delta variant of SARS-Cov-2 coronavirus.
Global demand is under pressure from the delta variant in key consumption regions and restrictive measures continue in some countries, he noted.