The ministers of the Organization of Petroleum Exporting Countries (OPEC) and the representatives of the allied producers, led by Russia, which together form the so-called OPEC +, have agreed to continue with the gradual increase in the supply of crude oil by 400,000 barrels per day by January 2022, as contemplated in the roadmap agreed last July, despite the release of reserves by large consumers such as United States or China and the threat of the omicron variant.
However, the oil cartel has agreed that the meeting “will remain in session” pending the evolution of new developments on the pandemic and will continue to monitor the market closely and make immediate adjustments if necessary, which leaves open the possibility for the ministers to meet again.
With their decision this Thursday, the ministers of the OPEC + have ratified the roadmap for the rebalancing of the oil markets agreed at the summit held last July, when they established a monthly increase of 400,000 barrels until eliminating the 5.8 million barrels per day adjustment implemented a year ago in response to the crisis caused by the coronavirus pandemic.
After a meeting by videoconference, the ministers have decided to “reconfirm the production adjustment plan and the monthly adjustment mechanism approved at the XIX OPEC and non-OPEC Ministerial Meeting and the decision to adjust upwards the general monthly production by 0.4 million barrels per day in January 2022 ”.
The countries of the OPEC and The producers outside the cartel have confirmed that they will meet again on January 4.
After the decision of the OPEC +, the price of a barrel of Brent crude, the reference for Europe, remained below $ 69, after having reached below $ 65, with a fall of 1.1% in the session, while WTI crude The benchmark for the United States was trading below $ 65, down almost 2%.