OPEC +: Increasing oil production by 400 thousand barrels a day

Economy

2-02-2022, 17:51

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INA – SOURCES

OPEC + group agreed on Wednesday, to increase oil production by 400.000 barrels per day, starting from March.

A Reuters survey revealed, last Monday, that OPEC oil production in January, again did not reach the limit of the increased planned under an agreement with allies, highlighting the difficulty that some producers are facing to pump more crude even with the highest oil prices seven years ago.

The survey found that the Organization of the Petroleum Exporting Countries (OPEC) pumped 28.01 million barrels per day in January, an increase of 210.000 barrels per day, the previous month. But, less than the increase allowed under the supply agreement, which amounts to 254.000 barrels per day.

OPEC and its allies, known as OPEC + group, are gradually reducing the production cuts in 2020 as demand recovers after overcoming the worst consequences of the COVID-19 pandemic.