LOpep+ should not accelerate the increase in its production-sources | Photo credit: Shutterstock
by Ahmad Ghaddar, Olesya Astakhova and Alex Lawler
LONDON, Feb 2 (Reuters) – OPEC+ is likely to stick to its strategy of limited oil production increases on Wednesday, sources close to the oil-producing group said, despite warnings. pressure from large consumers for more supply after the price boom.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, which together produce more than 40% of the crude oil consumed in the world, are sticking for the moment to an increase in their pumping of 400,000 barrels per day (bpd) each month and attribute the rise in the price per barrel to insufficient investment by consumer countries in fossil fuels.
But some OPEC countries are struggling to meet their production targets.
Three sources within OPEC+ told Reuters on Wednesday that the 400,000 bpd increase in production planned for March would not be questioned during the group’s online meeting scheduled for 1300 GMT.
“No more than 400,000 bpd,” said one of those people in response to a question about the possibility of raising the target.
Brent crude was trading at just over $89 on Wednesday after hitting a seven-year high of $91.70 last week.
A report prepared for the meeting seen by Reuters maintains the global oil demand growth forecast for 2022 at 4.2 million bpd and expects demand to return to pre-pandemic levels in the second half of the year, or just over 100 million bpd.
(Report Ahmad Ghaddar, Olesya Astakhova, Alex Lawler and Maha El Dahan; French version Marc Angrand, edited by Blandine Hénault)