OPEC+ to lift oil production by 400,000 bpd in October as planned LONDON: The OPEC+ group of oil producers led by Saudi Arabia and Russia agreed to stick with a schedule of gradual production increases, resisting pressure from the US to speed up the pace at which it lifts output. The group will raise production by 400,000 barrels a day in October as planned, it said in a statement today. The next OPEC+ meeting is scheduled for Oct. 4. “While the effects of the COVID-19 pandemic continue to cast some uncertainty, market fundamentals have strengthened and OECD stocks continue to fall as the recovery accelerates,” it said. OPEC+ revised its 2022 oil demand growth forecast to 4.2 million bpd, up from a previous 3.28 million bpd. The group predicts demand will grow by 5.95 million bpd this year after a record drop of about 9 million bpd in 2020. However, demand only rose by some 3 million bpd in the first half of 2021, according to Reuters. “It’s a good decision. Under the current circumstances there is not much for OPEC+ to do but to extend the agreed cuts for another month,” London-based oil analyst Abdulsamad Alawadhi told Arab News. The White House last month called for faster output increases by OPEC+ as the benchmark Brent crude contract rose above $70 per barrel, close to multi-year highs. Brent traded 0.3 percent lower at $71.39 at 7:36 p.m. Riyadh time.