June 27, 2022

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“OPEC +” increases February production by 400,000 barrels

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The member states of the OPEC + Confederation decided yesterday to slightly increase oil production for the month, while oil demand was not much affected by the spread of the clumsy “Omicron”. These countries have significantly reduced production by 2020, while the epidemic has negatively impacted demand. Last year, I decided to gradually increase production again, recovering prices, and reviewing the monthly situation.

After a brief video conference, Coalition representatives agreed to raise production to 400,000 barrels a day for February 2022. It comes in the context of what the team has done over the past few months. The group agreed to another increase at a meeting in December, despite the appearance of a strain of “Omicron” that caused prices to fall due to market turmoil about its potential impact on the world economy.

Giovanni Stonovo, energy strategist at UBS Financial Services, said that since the last OPEC + meeting in early December, oil prices have risen significantly, indicating that market players are less concerned about the magnitude of the Omigron effect.

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