OPEC + crude likely to keep oil production plans unchanged for February
LONDON (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC +) is likely to keep its oil production plans unchanged for February when the two countries meet on Tuesday as they expect There is only a short-term effect on the omega virus. According to Reuters.
OPEC +, an oil producer from OPEC and its allies, including Russia, has increased its monthly output target of 400,000 barrels a day from August 2021.
In May 2020, OPEC + agreed to cut production by 10 million barrels a day to help oil markets after the Kovid outbreak reduced oil demand and agreed to increase output in stages.
The current plan would see the group increase its target by 400,000 barrels a day for February, reducing the output to 3 million barrels a day by September, according to the agreement. Achieved in July 2021.
Reuters reports, citing a technical report, that OPEC + has mitigated the impact on demand for oil due to the new virus omega.
"Impacts are expected to be minimal and short-term as the world improves its control over Kovid-19 and its associated risks," the report said.
