The members of the OPEC+ agreement, which have been jointly regulating production volumes for five years, have been convening monthly online since May 2020 - such frequent meetings are necessary to ensure that the level of monthly oil output is in line with the market needs.
When the demand for oil began to recover in the spring of 2021, the countries of the Vienna Alliance agreed to gradually lift restrictions on oil production, which they voluntarily took up a year ago. Since August, they have been adding 400,000 bpd per month. This plan is valid until the end of December. Thus, in December they will reduce only 3.759 mln bpd against the base level. It was planned to restore production at the current pace at least until the spring of 2022.
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