London, Tuesday, 4 January 2022 –
On Tuesday, the world's largest oil producers agreed to extend their present agreement to boost output by 400,000 barrels per day (bpd) until February.
The Organization of Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+, met by videoconference for the 24th Ministerial Meeting.
Due to the substantial drop in demand following the outbreak of the COVID-19 pandemic, the OPEC+ group lowered daily crude oil production by around 10 million barrels in April 2020.
In April, the group began to soften these limits as global economies and oil demand began to improve.
Major producing countries agreed in July to increase output by 400,000 bpd progressively from August to December and to extend the production limit agreement from April to December 2022.
The next OPEC and non-OPEC members’ meeting is slated for February 2.
Meanwhile, by the time the meeting ended, Brent had surpassed the $80 per barrel mark. At 14:51 GMT, it was trading at $80.45 per barrel, up 1.86 percent.
At the same time, the American benchmark West Texas Intermediate (WTI) rose 1.72 percent to $77.39 per barrel.
(Research and editing by: The Decision Maker – Energy editors)