OPEC+2 Feb 2022 13:19
OPEC and its allies agreed to make another modest output increase in March, sticking to their plan even as the failure of several members to deliver the scheduled monthly supply hikes stokes a rally in crude prices.
After a brief meeting on Wednesday, the 23-nation coalition rubber-stamped the nominal revival of 400,000 barrels a day for March, delegates said, asking not to be named because the information isn’t yet public. The alliance has has made identical pledges in previous months, but a Bloomberg survey showed that the Organization of Petroleum Exporting Countries barely managed to increase supplies in January due to issues ranging from under-investment to militia unrest...
OPEC’s 13 members increased production by only 50,000 barrels a day in January as slight gains across the group were wiped out by a 140,000 barrel-a-day decline in Libya, according to the Bloomberg survey. The North African nation was stricken with a blockade of its western fields by militias, forcing the shutdown of its biggest reservoir, Sharara...
Russian oil producers pumped 46.53 million tons of crude and condensate in January, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That could convert to 10.05 million barrels a day, or 50,000 below its quota for the month.