Industry and Energy

Home page

Industry and Energy

OPEC+ will not allow oil market to overheat, says Fitch

05 October 2021 10:52 (UTC +04:00)

The decision of the OPEC+ ministers to continue increasing oil production by 400,000 barrels per day (b/d) in November was expected, Dmitry Marinchenko, Senior Director of the group for natural resources and commodities of the international rating agency Fitch told TASS on Monday, APA-Economics reports.

In the event of a sharp increase in demand due to high gas prices, OPEC+ will be able to adjust production and prevent overheating, Marinchenko said. "The market will continue to operate in a deficit state for now, stocks will continue to shrink. But if the deficit grows strongly, OPEC+ is likely to consider increasing quotas more to prevent overheating," he said.

Remind that on October 4, OPEC+ ministers agreed to continue to increase oil production at the rates approved in August. OPEC and non-OPEC countries reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 million barrels/day for the month of November 2021," the OPEC+ Secretariat said in a statement.