In September, OPEC's output increased by 490,000 bpd to 27.33 million bpd. Commercial OECD oil stockpiles were estimated at 2.855 billion barrels in August, 183 million barrels below the 5-year average. OPEC raised its expected demand for crude in 2022 by 100,000 bpd to 28.8 million bpd.

According to OPEC, natural gas and thermal coal prices are rising, which is encouraging more gas-to-oil switching. Oil demand growth in 2022 remained unchanged at 4.15 million bpd.

OPEC revised its forecast for 2021 oil demand growth to 5.82 million bpd, down from 5.96 million bpd before.

Furthermore, Saudi, Iraqi and Nigerian crude output increased in September by 139,000 bdp, 84,000 bpd and 156,000 bpd respectively, according to secondary OPEC sources.

OPEC mentioned that Chinese oil imports increased to 10.5 million bpd in August due to storm-delayed shipments.

"Last year, the OPEC+ agreement played a significant role in stabilizing the oil market. OPEC+ will be in effect until the end of 2022 and has the potential to be extended further," said President of Russia Putin.