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OPEC+ increases output by 30,000 bpd in September

It is reported that OPEC+ countries have been reducing oil production since May 2020 to stabilize the market

MOSCOW, October 13. /TASS/. OPEC+ countries in September 2022 increased oil production by 30,000 barrels per day (bpd), but lag behind the planned production targets by 3.44 mln bpd, according to the October report of the International Energy Agency (IEA).

The volume of oil production by the members of the alliance increased by 30,000 bpd compared to August - from 38.73 mln bpd to 38.76 mln bpd. At the same time, the target level of production by OPEC+ countries for September reached 42.2 mln bpd. Thus, the volume lagged behind the plan by 3.44 mln bpd.

OPEC+ countries have been reducing oil production since May 2020 to stabilize the market, but as this plan was implemented, they moved to restore it. Since August 2021, they have adhered to the schedule of increasing oil production at the level of around 400,000 bpd per month. The plan was changed for July and August 2022, when the countries of the alliance increased production growth to 648,000 bpd, redistributing the September quota evenly, and for September, the OPEC+ countries agreed to increase production by another 100,000 bpd. However, due to the lack of free capacity, the members of the alliance do not always reach the target levels.

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