OPEC considers lowering production to account for oil reserve releases

World Oil | Nov 22, 2021 at 1:00 AM
  • OPEC and its allies may re-evaluate plans for reviving oil supplies if the world’s four largest consuming countries go ahead with a coordinated release of their strategic petroleum reserves.
  • India became the latest major consumer to contemplate deploying its stockpiles, potentially assisting the U.S., Japan and China in a move to dampen the inflationary threat of higher energy costs.
  • The Organization of Petroleum Exporting Countries and its allies will meet on Dec. 2 to contemplate an increase of production by 400,000 barrels a day in January.