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  Tuesday, October 27, 2020
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OPEC has decided to increase oil production and export quotas
OPEC has decided to increase oil production and export quotas, Edmund Maduabebe Daukoru, oil and energy advisor to the Nigerian president, said. "The OPEC member states agreed to increase aggregate quotas for producing and exporting oil," he told the media prior to the closed consultations in the run-up to the opening of OPEC's conference. According to Mr. Daukoru, some OPEC members still disagreed with the majority in the oil cartel whose decisions require a consensus to be passed. "OPEC will, probably, increase oil output by 500,000 barrels," Qatari Oil Minister Abdallah bin Hamad al-Attiyah said on Wednesday in the morning. "If this does not make the prices drop, the oil cartel may increase the quota by the same number again," Mr. al-Attiyah said. The proposal to raise oil output by 500,000 bpd from the current 27 million bpd is due to "the need to calm oil markets down all over the world and cut the oil prices that have peaked lately," OPEC's president and Kuwaiti energy minister, Sheikh Ahmad Fahd al-Ahmad al-Sabah, said the other day. "The cartel may decide to further increase oil production quotas by another 500,000 bpd following a thorough scrutiny of the situation on the international oil energy market," OPEC's leader said.
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