OPEC + maintains its oil production growth
The bloc of representatives, led by Russia, assured that by February they will bring the numbers to 400,000 barrels per day as planned
The ministers of the Organization of Petroleum Exporting Countries (OPEC) and the representatives of the allied producers, led by Russia, who together form the so-called OPEC +, have agreed to go ahead with the gradual increase in the supply of crude oil by 400,000 barrels per day to February 2022, as contemplated in the roadmap agreed in July 2021.
In their virtual meeting this week, the representatives ratified the agreements for the rebalancing of the oil markets discussed in July, when they set a monthly rate of increase of 400,000 barrels until eliminating the adjustment of 5.8 million barrels per day implemented in response to the crisis caused by the coronavirus pandemic.
After a meeting by videoconference, the ministers decided to “reconfirm the production adjustment plan and the monthly adjustment mechanism approved at the XIX OPEC and non-OPEC Ministerial Meeting and the decision to adjust up the general monthly production by 0.4 million euros barrels per day for the month February 2022 “.
After the OPEC + decision was known, the price of a barrel of Brent crude, a reference for Europe, exceeded the threshold of 80 dollars, after closing on Monday at 78.98 dollars, while WTI crude, a reference for States United, it was trading above $ 77, down from $ 76.08 on Monday.
K. Tovar
Source: LaRepublica
