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OPEC + will increase its production by 400,000 barrels per day during February

This Tuesday, the Organization of the Petroleum Exporting Countries together with Russia and other allies (OPEC +) decided to increase their joint production of crude oil by 400,000 barrels per day during February despite the threat of the new omicron variant.

“In view of the current fundamentals of the oil market and the consensus on its prospects”, the ministers certified “the decision to adjust upwards the monthly global production by 0.4 million barrels per day (mbd) in the month of February 2022 ″, indicates the final declaration of the virtual meeting held by officials from the 23 countries that make up OPEC +.

With this announced measure, the roadmap adopted last July to gradually recover the level of pumping that was had before drastically cutting it in May 2020 with the arrival of COVID-19 continues.

In this sense, the oil alliance showed confidence that the omicron will have a slight impact on the market, since it will not affect mobility —and with it the demand for crude—, according to analysts from the OPEC + internal committee.

Thus, it was agreed to increase 400,000 barrels per day each month between last August and next September, and so far the group has adhered to this plan, so that as of February 1, the maximum ceiling for its extractions will be 40,894 million bd. Of that amount, 24,808 mbd correspond to OPEC (not including the pumping of Venezuela, Iran and Libya) and 16,086 mbd to the set of ten independent allied producers.

Source: EFE


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