OPEC + countries decide to increase oil production by 400,000 barrels per day in February

 

 Ministers of the Organization of the Petroleum Exporting Countries (OPEC +) have decided to keep the plan to increase oil production by 400,000 barrels per day in February. This became clear from the circulated communiqué after the meeting of the organization. The next meeting of the ministers will be held on February 2, the editorial office of the newspaper "Kommersant" notes.

 "The plan for adjustment of production and the mechanism for monthly adjustment of production, approved at the 19th meeting of the ministers of OPEC and the countries that are not members of the organization, as well as the decision to adjust the monthly total yield by 0.4 million barrels on a day in February 2022 in accordance with the attached schedule ", it is clear from the circulated text.

Earlier, OPEC + also confirmed a plan to resume oil production in January with 400,000 barrels per day. Russia and Saudi Arabia, under the condition, can increase oil production by 109,000 barrels per day each, to 10.122 million.

 The OPEC + deal was resumed in May 2020 and involved a reduction in total production by participants of 9.7 million bpd. To date, the quota has been reduced to 4 million bpd. According to the schedule, the parties to the agreement must increase production by 400 thousand barrels per day each month. Russia and Saudi Arabia initially reported an abstract production quota of 11 million bpd.