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

D + D – Normal size

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.

Print
Email




See also  Oil prices are rising in anticipation of rising crude oil demand
  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 20 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Where to Get a Professional Massage in Dubai

    Where to Get a Professional Massage in Dubai

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare