OPEC+ Agrees Oil Output Increase from February

OPEC+ is unwinding record production cuts of 10 million bbl/d, which were imposed in 2020, as demand and prices recover from their pandemic-induced slump.

Ahmad Ghaddar, Alex Lawler and Vladimir Soldatkin, Reuters

OPEC+ agreed on Jan. 4 to stick to its planned increase in oil output for February because it expects the Omicron coronavirus variant to have a short-lived impact on global energy demand.

The group of producers comprising OPEC and allies including Russia has raised its output target each month since August by 400,000 bbl/d.

The U.S. has urged the group to pump more crude to help the global economic recovery from the pandemic and cool prices as they trade near $80/bbl. But the group has said the market did not require extra oil.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access