Last week, the Organization of Petroleum Exporting Countries (OPEC) and its partners, including Russia, known as OPEC+, rebuffed requests to increase output quicker, sticking to their target of 400,000 barrels per day (BPD) increase in November. Crude prices rose to three-year highs as a result, contributing to global inflationary pressures. "This ($100 a barrel) is definitely possible; it (the oil price) is presently rising," Putin said on Wednesday at an energy event. "We and our OPEC+ partners are doing everything we can to keep the market stable."
OPEC has lowered its global oil demand growth prediction for 2021, now expecting it to rise by 5.82 million bpd, citing data from the first three quarters of the year as the main reason for the downward revision. Despite calls for more output from major users such as the United States and India, Russian Deputy Prime Minister Alexander Novak, Moscow's chief OPEC+ negotiator, indicated on Wednesday that the organization was adhering to its declared strategy.
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