OPEC+ agrees to increase production by 400,000 bpd as of March: report

Logo of OPEC

The meeting of the ministerial committee of OPEC+ agreed to increase oil production by 400,000 barrels per day (bpd) as of March, Reuters reported, citing familiar sources.

Goldman Sachs said in a note that there is a chance for a faster increase in OPEC+ production given the recent pace of market rally.

OPEC+ recently stuck to its goals of a monthly production increase of 400,000 barrels per day, and a few OPEC members are finding it difficult to pump even that agreed-upon modest increase.

A report prepared by the OPEC+ committee showed that the committee kept its forecast for the growth of global demand for oil for the current year unchanged at 4.2 million bpd.