OPEC+ meeting plans to consider pausing oil output hike as an option: report

02/12/2021 Argaam

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OPEC+ ministers are likely to discuss pausing a planned oil output hike in January as one option during ministerial talks today, Dec. 2, Reuters reported, citing a source.

 

The meeting will also discuss whether more oil will be released to the market as planned or supplies will be restricted after the alliance decided to add 400,000 barrels per day since August.

 

In addition, OPEC+ expects a surplus of two million barrels per day (bpd) in January 2022, 3.4 million in February and 3.8 million in March.

 

However, OPEC+ confirmed that the impact of Omicron on oil demand has not yet started.

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