OPEC+ keeps oil output policy unchanged at 400,000 bpd increase in February

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OPEC+ approved, in a meeting held today, Jan. 4, to maintain its oil output policy for the upcoming month, thus continuing to challenge the calls for accelerating the pace of supply increases.

The alliance said in a statement that the 24th ministerial meeting of OPEC member states and non-members reiterated their commitment to the plan of raising output by 400,000 barrel per day (bpd) in February 2022.

It also affirmed the importance of full compliance and compensation mechanism, while leveraging on extending the compensation period till June-end.

OPEC+ decided to hold its upcoming ministerial meeting on Feb. 2, 2022.

The alliance's monitoring committee earlier indicated that the oil market is currently in balance, adding that the market would see surplus starting from Q1 2022, according to Reuters, citing a document.