OPEC+ to stick with output increase
OPEC+, have had difficulty raising output as under-investment or maintenance delays persist from the pandemic. PHOTO: REUTERS
OPEC+ is expected to stick to its plans to increase output in February when it meets on Tuesday, seeing a mild and short-lived impact on demand from the Omicron coronavirus variant, three sources from the oil producer group told Reuters on Monday. OPEC+, a grouping of the Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has been gradually unwinding record oil production cuts of 10 million barrels per day (bpd), about 10% of global oil output, agreed in March 2020 to counter the hit to demand from the pandemic. Current plans would see it raise its February production target by 400,000 bpd as it has done each month since August, when it began to unwind 5.8 million bpd of remaining cuts.
Published in The Express Tribune, January 4th, 2022.
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