4 January 2022 - 17:04
  • News Code: 451410
24th OPEC+ Meetings Begins

TEHRAN (Shana) -- The 24th meeting of the oil and energy ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (a coalition called OPEC+) began minutes ago vial videoconference.

The oil and energy ministers of OPEC+ countries are discussing the coalition's crude oil production policies for February 2022 via videoconference.

The technical report of the Joint Technical Committee (JTC) on Sunday showed that the coalition expects the effect of the new variant of the coronavirus to be mild and temporary, and to keep the door open to further increase output.

The OPEC+ Joint Technical Committee in its report also kept the forecast for oil demand growth in 2022 unchanged, estimating it at 4.2 million barrels per day.

Analysts and experts believe that OPEC+ will continue the policy of increasing production by 400,000 barrels per day in February.

OPEC and its allies have been adding 400,000 barrels a day to the group’s output since August to end the supply cuts they started in 2020.

In response to the collapse in demand at the height of the Covid-19 crisis, OPEC+ has limited production by 9.7 million barrels per day since May 2020, equivalent to roughly 10% of global demand, but since then, as demand has improved, it has eased supply constraints over time.

News Code 451410

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