Connect with us

Hi, what are you looking for?

TOP news

Oil prices hit highest in 6 weeks after OPEC+ keeps production hike modest

Getty Images

  • In a Tuesday meeting, OPEC+ agreed to increase oil production by 400,000 barrels per day in February.
  • Oil prices rose as much as 2% following the decision, with Brent and US West Texas Intermediate hitting six-week highs.
  • OPEC+ is expected to continue its course of gradually easing the pandemic’s supply curbs.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell

Oil prices jumped as much as 2% Tuesday after by OPEC and its non-member allies agreed, as expected, to modestly increase oil production in February. 

West Texas Intermediate crude increased by $1.48 to $77.56 per barrel, and Brent crude similarly increased by $1.50 to $80.48 per barrel. Each oil price benchmark hit its highest in six weeks, since late November.

Led by OPEC’s Saudi Arabia and non-OPEC member Russia, the group will collectively pump an additional 400,000 barrels a day next month. 

The energy alliance is continuing to move ahead with its schedule to gradually restore oil output that had been halted during the pandemic.

Tuesday’s decision was broadly expected due to pressure from the US to boost supply and signs that the Omicron coronavirus variant is having less impact on demand than initially feared. 

Oil prices have now surged more than 20% from lows in early December, when the emergence of Omicron first stoked demand worries.

The next OPEC+ meeting is slated for February 2, when the coalition is due to agree upon production levels for March. The broad expectation moving forward is for the group to continue easing its supply curbs.


You May Also Like

TOP news

Paul Sancya/AP On June 2, Delta will become the first US airline to pay its flight attendants for boarding time. Previously, flight attendants were...

World

The EU should play an active role in the upcoming U.S.-Russia talks over security concerns around Ukraine, the bloc’s top diplomat told German media...

Opinion

Adeline van Houtte is the Economist Intelligence Unit’s lead analyst on Russia. It looks like Russia is at it again, after the unusual movement...

Health Care

Former President Donald Trump confirmed he had gotten a booster during a live show with Bill O’Reilly in Dallas on Sunday.

Сentral Tribune - Politic News