Report: OPEC+ Expected to Increase Output in February as Planned — Reuters

Three sources from OPEC+ told Reuters Monday that the group is likely to stick with planned increases in production in February, meaning the group foresees a mild and short-lived impact on demand from the Omicron coronavirus variant.

The group has been gradually scaling back significant collective cuts to production taken in March 2020 when prices of crude bottomed-out globally.

“Current plans would see it raise its February production target by 400,000 bpd as it has done each month since August, when it began to unwind 5.8 million bpd of remaining cuts,” Reuters reports.

“Current plans would see it raise its February production target by 400,000 bpd as it has done each month since August, when it began to unwind 5.8 million bpd of remaining cuts,” Reuters reports. “By the end of January, the group is left with about 3.4 million bpd of cuts to unwind by the end of September, as per its July 2021 agreement.”

Also on Monday, OPEC voted to appoint Kuwaiti candidate Haitham al-Ghais as its new secretary general.