OPEC+ is likely to stick to the planned increase in oil production for February when it meets on Tuesday, as according to sources the organization is only expecting a short-term impact on demand from the Omicron pivot.
OPEC+, which includes producers from the Organization of the Petroleum Exporting Countries (OPEC) with other countries including Russia, has raised its monthly production target since August by 400K barrels per day, and is in the process of canceling record high production cuts of 10 million barrels per day that were put in place to help the market. After the epidemic reduced demand.
Current plans will see the target increase again by 400K barrels per day for February, leaving about 3 million barrels per day in cuts until September according to the agreement reached last July.
