OPEC+ group will stick to output plan, despite U.S. pressure

The OPEC+ group will stick to the plan of raising daily output by 400,000 barrels per month, said energy ministers of the Arab member states in the group on Monday.

“The 400,000 is continuing,” said Suhail Al Mazrouei, UAE’s Minister of Energy. His comments were echoed separately by Oman’s Energy Minister Mohammad al Rumhy.

Al Mazrouei made comments to journalists after he spoke on a panel at ADIPEC with the energy ministers of Saudi Arabia and India.

The United States has asked the organisation to increase production to help balance the oil prices which has reached up to US $80 per barrel. 

“The US as an ally, their opinion is important but also China and India and many countries. This is not a decision of one country or two but around 20 other countries so we have to be convincing and to be convincing we have to look at the data. This [OPEC] is not a political organisation but a technical organisation,” he said during a separate panel at ADIPEC.

OPEC+ is expected to meet on December 2.

“The 23 responsible countries delivered, more remarkable than any other group on planet Earth, including the central bankers. They delivered sustainability, predictability and transparency, in a long term plan looking 1.5 years ahead. They have delivered a stable, less volatile oil market,” said Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman.