Following the meeting on Thursday, OPEC+ maintained its plan to add crude supply in January despite the plunging prices and the expectations over oil surplus early in 2022.
In January, the Organization of the Petroleum Exporting Countries and allies (OPEC+) will raise its oil production by 400,000 bpd. The alliance has been doing so since August and each month.
Next month, the total OPEC+ output target is 40.494 million bpd.
According to Amena Bakr, Deputy Bureau Chief & Chief Opec Correspondent at Energy Intelligence, all ministers of the OPEC+ group appear to be in agreement with the amount of output.
Previously before the meeting, OPEC+’s Joint Ministerial Monitoring Committee (JMMC) held a meeting and decided to not issue any recommendation for the January output.
Previously, rumors circulated that the group could be assessing adding just 200,000 bpd in January instead of 400,000 bpd, or even a pause in the ramp-up of production.
OPEC+’s top producers Saudi Arabia and Russia had already signaled that the new variant should not be a reason to jump to hasty decisions.
