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.
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