OPEC expects to stick to its oil production policy unchanged in December

Foreign power October 29 news, before the OPEC meeting next week, the OPEC joint technical committee basically adhered to the forecast
of a strong rebound in demand this year and next year.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies will meet on Nov.
4, and analysts expect producers to stick to plans to increase supply by 400,000 bpd per month until April
2022.

The Joint Technical Committee (JTC) at its meeting on Thursday expected oil demand to grow by 5.
7 million b/d in 2021, 120,000 b/d
lower than the forecast in OPEC's latest monthly report, the two sources said.

A source said the Joint Technical Committee's forecast for demand growth for next year was maintained at 4.
2 million b/d
.

The source said the revision to the 2021 forecast was "nothing to worry about" and was just an update
on actual data and rounding.

The forecast of the OPEC Joint Technical Committee is still higher than that of the International Energy Agency (IEA), which expects oil demand to grow by 5.
5 million b/d in 2021 and 3.
3 million b/d
in 2022.

This week, Russian Deputy Prime Minister Novak said he expected OPEC to continue its previously agreed production increase plan
in December.

"Oil demand could fall because uncertainty remains
," Novak said.
We are also seeing another global wave of pandemics spreading
.
”

This view was echoed
by other ministers of the organization.

According to the state news agency APS on Thursday quoting Algerian Energy Minister Mohamed Arkab, "The situation in the oil market suggests that the increase in production in December should not exceed 400,000 bpd
.
" ”

Oil prices traded above $84 a barrel on Friday, not far from
the three-year high of $86.
70 touched this week.

Saudi Energy Minister Prince Abdel-Aziz bin Salman twice this week rejected calls from major consumer countries to speed up OPEC production increases, saying the group did not expect a shortage of
crude oil in the market.
"Given that the Organisation for Economic Co-operation and Development (OECD) commercial oil inventories are 5.
4 percent below the five-year average and demand is rapidly returning to normal, OPEC tends to keep production policies unchanged, reflecting the alliance's marked increase
in tolerance for high oil prices," J.
P.
Morgan said in the report.
”