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The member countries of the “OPEC +” alliance decided yesterday to slightly increase oil production for the month of February, while the demand for oil at this stage was not much affected by the spread of the mutant “Omicron”. These countries had significantly reduced production in 2020, while the epidemic negatively affected demand. And last year, I decided to start increasing production again gradually, with prices recovering, and with a monthly review of the situation.
After a brief video meeting, the representatives of the coalition agreed to raise the total level of production by 400,000 barrels per day for the month of February 2022. This comes in the context of what the group has done in the past months. The group had agreed to another increase at its meeting in December, despite the emergence of the mutant “Omicron”, which caused a drop in prices due to market turmoil about its potential impact on the global economy.
Since the last OPEC+ meeting in early December, oil prices have rebounded significantly, indicating that market players are becoming less concerned about the extent of the omicron effect, said Giovanni Stonovo, an energy strategist at UBS Financial Services. on oil demand.
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