4 January 2022 - 17:42
  • News Code: 451411
OPEC+ Sticks to Production Policy for February 2022

TEHRAN (Shana) -- The 23 member states of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+ Coalition) agreed at their 24th meeting to boost the group’s output by 400,000 barrels per day in February 2022.

According to today's decision (Tuesday, January 4, 2022), OPEC+ oil and energy ministers will increase the coalition’s crude oil output by 400,000 barrels, regardless of the release of strategic crude oil reserves by the United States and China and the outbreak of Covid-19’s Omicron variant.

At their 19th meeting in July, OPEC and its allies agreed to increase production by a total of 400,000 barrels per day each month to end the supply limit of 5.8 million barrels per day, a decision that has been in place since August.

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.

The members of this coalition decided to hold the 25th joint meeting of the OPEC+ on 2 February.

News Code 451411


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