• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 2 days Bad news for e-cars keeps coming
  • 4 days China deletes leaked stats showing plunging birth rate for 2023
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Bank Sees U.S. Shale Growing for Another 4 Years

Bank Sees U.S. Shale Growing for Another 4 Years

U.S. shale oil production has…

OPEC’s Trillion-Dollar Bet Against U.S. Shale

OPEC’s Trillion-Dollar Bet Against U.S. Shale

OPEC's strategy to defend market…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC+ Meeting Ends: Cartel Won't Produce Extra Crude

  • OPEC+ decided on Thursday to continue easing their collective crude oil production cuts by just 400,000 barrels per day next month
  • OPEC+ meeting didn't address production constraints in Nigeria, Angola
  • OPEC+ ignores calls from U.S. and other major oil consumers to further boost production

The OPEC+ group decided on Thursday to continue easing their collective crude oil production cuts by just 400,000 barrels per day next month, ignoring calls from the United States and other major oil-consuming nations to open the taps and tame the price rally.

In a short and rather uneventful meeting, OPEC+ reaffirmed today its previous plans to increase supply by just 400,000 bpd, despite pressure from consuming nations who had called for a larger increase so as to halt the rally in energy and gasoline prices that could slow economic growth.

The alliance will boost total production by 400,000 bpd in December, OPEC said after the meeting, without addressing the issue of several African OPEC members such as Nigeria and Angola that have been struggling to raise their production up to their respective quotas, thus underperforming in increasing supply to the market.

The meeting reiterated the OPEC+ commitment “to ensure a stable and a balanced oil market, the efficient and secure supply to consumers and to provide clarity to the market at times when other parts of the energy complex outside the boundaries of oil markets are experiencing extreme volatility and instability, and to continue to adopt a proactive and transparent approach which has provided stability to oil markets,” OPEC said.  

The rationale for keeping a cautious approach to easing the cuts seems to be assessments from OPEC+ experts that Q4 would see a smaller market deficit than expected earlier and that the balance would tip into surplus next year.

As per the production table provided by OPEC, the group of OPEC+ producers will have a collective quota of required production of 40.094 million bpd in December, of which the 10 OPEC members bound by the pact should pump no more than 24.3 million bpd, and the non-OPEC producers led by Russia will have a ceiling of 15.794 million bpd.  

Saudi Arabia and Russia, the OPEC and non-OPEC groups leaders within OPEC+, respectively, will each have a production ceiling of just over 10 million bpd—at 10.018 million bpd each.  

Oil prices jumped by more than 2% after news first broke that OPEC+ would not change course, but retreated to trade lower later.

By Tsvetana Paraskova for Oilprice.com


More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • George Doolittle on November 04 2021 said:
    How can anyone "meet the USA oil needs" when daze all needs our USA made oil just to live?

    Anyhow nice headline...i guess...but maybe try King Coal next time when talking about anything and I mean *ANYTHING* having to do with the oil business.
  • RAMKUMAR ANBALAGAN on November 08 2021 said:
    What will be the solution for this crises?

    On this drastic price increase of fuel, plastics & other by-products, obviously Middle class & lower class people are struggling..

    And next most badly affected area is MICRO SCALE INDUSTRIES.. Where he gets raw material from a corporate company for increased price, whereas he cannot increase his product price..

    Statement of OPEC "it is not our Problem" is really hurting.. OPEC need to think about Micro scale companies, since they are the end customer of OPEC..

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News