“OPEC Plus” raises production by 400,000 barrels per day in February

LONDON (Reuters) – Four sources in OPEC Plus told Reuters that the group agreed on Tuesday to stick to the current policy and to increase oil production by 400,000 barrels per day in February.

The next meeting of the second group is scheduled for February.

And a document showed that the OPEC Ministerial Monitoring Committee believes that the oil market will witness a surplus starting from the first quarter of 2022 onwards.
The oil market is currently in a state of equilibrium.
Ahead of the meeting, oil prices gave up gains made earlier today, Tuesday, amid waning fears about the spread of the mutated Omicron strain of the Corona virus.
Brent crude, the global benchmark, fell 25 cents to $78.74 a barrel by 0739 GMT.
US West Texas Intermediate crude prices fell 19 cents to $75.89 a barrel.
Brent and West Texas crude futures fell more than one percent on Monday.