The ministers of the oil sector of the 23 countries that make up OPEC+ (OPEC and allies) decided to increase their oil production to 400,000 barrels per day during the month of February, despite the uncertainty that the world is experiencing as a result of the pandemic and the new omicron variant.

This increase is part of the plan established in 2021, when the organization established a monthly increase of 400,000 bpd from last August to September 2022, after evaluating the behavior of the sector. But to date the group has maintained the strategy, which is why as of February 1st, crude oil extractions will be located at 40,894 million mbd.

A representative of the group pointed out: “It has been decided to maintain the current strategy”, after the virtual meeting where the ministers of the different countries that make up the group participated.

OPEC+ continues to recover its production

The conclusions of the meeting of the OPEC + group did not bring surprises for the global oil market. In the group’s final statement, released to the media, they state: “In view of the current fundamentals of the oil market and the consensus on its prospects, the ministers certified the decision to adjust monthly global production upwards by 0.4 million barrels per day (mbd) in the month of February 2022.”

OPEC will supply the market with some 24,808 mbd. This figure does not include pumping from Venezuela, Iran and Libya. While 16,086 mbd will be contributed by the group of the ten allied independent producers, with Saudi Arabia, on behalf of OPEC, and Russia, a non-member, the largest producers and exporters of the group, standing at 10,227 mbd.

M. Rodriguez

Source: swissinfo.ch

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