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The OPEC+ will continue to gradually increase global oil supply

The OPEC+ has agreed to stick to its plan to gradually increase oil production each month by 0.4 mb/d, until phasing out the 5.8 mb/d production adjustment. OPEC and allies reached an agreement on gradual increase of global oil supply in July 2021 and started to adjust upward the monthly overall production in August 2021. The OPEC+ aims to fully phase out cuts by around September 2022, subject to market conditions. From May 2022, Saudi Arabia and Russia will see their baseline production, from which cuts are being calculated, rise from 11 mb/d to 11.5 mb/d. Similarly, the United Arab Emirates will see its baseline increase by 330,000 bbl/d (from 3.168 mb/d to 3.5 mb/d) and Iraq and Kuwait by 150,000 bbl/d each. The baseline for Nigeria and Algeria could also be revised.

The OPEC+ has also revised its 2022 demand growth outlook upwards, from 3.28 mb/d to 4.2 mb/d.

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