The Organization of the Petroleum Exporting Countries (OPEC) and a group of Russia-led producers (known collectively as OPEC+) agreed on Wednesday to continue increasing oil production gradually as they had agreed at their meeting in July, Trend reports citing Xinhua.
At a virtual meeting, the group decided to boost output in monthly installments of 400,000 barrels a day through the end of 2022.
The agreement came despite pressure from Washington, which last month said the planned increase was not sufficient to keep up with demand. It urged OPEC to increase oil production faster as countries around the world seek to emerge from the COVID-19 pandemic.
"While the effects of the COVID-19 pandemic continue to cast some uncertainty, market fundamentals have strengthened and the Organization for Economic Co-operation and Development (OECD) stocks continue to fall as the recovery accelerates," OPEC+ said in a statement following the meeting.