2 February 2022 - 16:52
  • News Code: 452828
OPEC+ Agrees to Boost Output by 0.4 mbd in March

TEHRAN (Shana) -- The 23-member states of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (a coalition called OPEC+) agreed at their 25th meeting to increase the group’s crude oil output by 400,000 barrels per day in March.

According to the decision of the OPEC+ oil and energy ministers, the crude oil production of the member countries of will increase by 400,000 barrels per day, regardless of whether the oil price exceeds $91.

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 effective since August.

In response to the collapse in demand at the height of the Covid-19 outbreak, OPEC+ cut production by 9.7 mbd in May 2020, equivalent to about 10 percent of global demand.

The coalition decided to hold the 26th OPEC and Non-OPEC Ministerial Meeting on March 2, 2022.

News Code 452828

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