Opec+ agrees to gradual production rise

The Opec+ alliance has agreed to increase its collective crude production by 500,000 b/d in January, with any subsequent output adjustments to be decided at monthly ministerial meetings.

 

Today's agreement is a compromise between the group's original plan to increase output by nearly 2mn b/d from January and a proposal to roll over existing production quotas. Opec+ ministers have agreed that they will meet monthly in January-March to assess market conditions and decide on production adjustments for the following month. Any further increases in output beyond January will be capped at 500,000 b/d in each month. Production cuts are also possible.

 

Source:Argus

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