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Four sources said that “OPEC +” members may stick to their current policies of modest monthly increases in oil production during a meeting to be held next week, in light of the decline in demand concerns due to the “Omicron” and the recovery of oil prices.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, dubbed “OPEC +”, are due to make a decision on January 4th on whether to continue to increase production by 400,000 barrels per day for the month of February, in the latest reversal of record cuts made. last year.
“At the moment, I have not heard of any moves to change course,” an OPEC source said.
A Russian source in the oil sector and two other sources in OPEC + said that no amendments to the agreement are expected next week.
During its last meeting on the second of December, “OPEC +” committed to the plan to increase supplies by 400,000 barrels per day in January, despite fears that the withdrawal of the United States from oil reserves and the outbreak of the “Omicron” mutator would lead to a decline in oil prices.
The price of Brent crude plunged more than 10% on November 26 to $72 a barrel, after news of the discovery of the mutagen “Omicron” spread for the first time. But it has since recovered, climbing to about $80 a barrel.
OPEC+ sources said the decision taken in December to go ahead with the supply increase was correct.
On Wednesday, Russian Deputy Prime Minister Alexander Novak said that “OPEC +” has resisted calls from Washington to increase production more than agreed, because it wants to provide a clear view of the market, and not to deviate from policy.
And Novak indicated, yesterday, Wednesday, that any possible withdrawal of strategic stocks will have a limited impact on the market.
It is expected that the OPEC ministers will also discuss the issue of choosing a new Secretary-General of the organization, to replace Muhammad Barkindo, who will leave his post at the end of July.
Sources said that the Kuwaiti candidate for the position enjoys widespread support.
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