2 February 2022 - 16:43
  • News Code: 452830
25th OPEC+ Meeting Kicks off

TEHRAN (Shana) – The 25th meeting of the oil and energy ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+ Coalition) began a few minutes ago.

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

The price of OPEC oil basket in January 2022 increased by more than $10 per barrel. Officials in OPEC+ countries have recently stated that the rise in oil prices is due to non-fundamental and geopolitical reasons beyond the control of OPEC+, which cannot be cured by increasing production.

Analysts and experts believe that OPEC+ will continue its policy of increasing production by 400,000 barrels per day in March, and will hope that countries around the world will understand the need to increase investment in the upstream oil sector, despite environmental and climate change concerns.

OPEC and its allies have been adding 400,000 barrels a day to production since August to end the supply cuts that were put in place back in May 2020.

In response to the collapse in demand at the height of the Covid-19 outbreak crisis, OPEC+ has reduced production to 9.7 million barrels per day since May 2020, equivalent to about 10 percent of global demand.

News Code 452830

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