Most OPEC+ experts oppose oil production increase in February: report

Most OPEC+ experts expressed opposition to increasing oil output from February by another 0.5 million barrels per day (bpd) when they met on Jan. 3, 2021, Reuters reported, citing three OPEC+ sources.

OPEC+ is scheduled to hold a meeting today, Jan. 4, 2021, to decide on production in February, and whether it can increase it in the wake of rising number of COVID-19 cases and its impact on the recovery of global energy demand.

The OPEC+ meeting is expected to be held monthly going forward compared to several meetings held in the previous year, indicating the desire of the member states to continue coordinating efforts to monitor supply and demand faster and their impact on markets and prices in light of the continued repercussions of the pandemic.