OPEC+ Plans to Increase Oil Production by 400,000 Barrels in March


Participants in the OPEC+ agreement will continue to restore oil production in March according to the plan, Bloomberg reported, citing delegates.

According to the publication, OPEC + will increase production by 400,000 barrels per day. The next ministerial meeting of the OPEC countries and countries outside the alliance will be held on February 2.

In April 2020, oil exporters agreed to limit production amid the spread of the coronavirus. Since May of the year before last, OPEC+ decided to cut output by 9.7 million barrels per day.

As the situation in the oil market stabilized, the reduction volumes were corrected. Countries are expected to fully restore production by the end of September 2022.

Meanwhile, quotations of North Sea Brent oil for the first time since October 2014 have overcome $90 per barrel. During the day, the cost of raw materials increased by 2.2%.

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