OPEC+ sticks to output plan
OPEC + agreed to increase oil production by 400,000 bpd starting March after a short meeting on Wednesday.
“Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of March 2022, as per the attached schedule,” the group said.
The oil prices have increased on Wednesday, closing closer to a 7 year high. Brent crude closed at US $89.59 a barrel and the U.S. West Texas Intermediate crude closed at US $88.67.
The oil prices market has been volatile in 2022 due to ongoing tensions in both the Middle East and Eastern Europe. Last Friday Brent closed at US $91.70 and U.S.hit US$88.84 which are the highest since October 2014.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news

Isuzu to Build Car Plant in South Carolina as Trump Tariffs Loom

SoftBank Weighs Debt-Heavy Financing in $500 Billion AI Push

Stocks Climb as Traders Brush Aside Tariff Threats: Markets Wrap

Moove Works to Control Fire Within Complex in Rio de Janeiro

Stocks Slide as Tariff Angst Adds to Price Worries: Markets Wrap

China’s Oil Teapots Cut Runs to Pandemic Levels After Sanctions

China Refiners Set to Resell US Oil Cargoes After Tariff Blitz

Shell starts up new facility in UK North Sea, restoring production from the Penguins field

Oil Falls to Lowest Settlement Price of 2025 as Traders Flee
