OPEC+ agrees to stick with existing policy with 400K BPD output hike in February - Reuters
|According to four sources cited by Reuters, OPEC+ has agreed to stick to its existing plan and press ahead with a 400K barrel per day (BPD) output hike in February, as hinted by sources prior to the meeting and expected by analysts/markets.
Market Reaction
Given that the decision was widely expected, it has not provoked much of an oil market reaction. WTI experienced modest selling pressure and has dropped from close to $77.00 per barrel to the mid-$76.00s, but is still trading about 50 cents higher on the day at the time of writing.
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