OPEC+ agrees to stick with existing policy with 400K BPD output hike in February - Reuters

Joel Frank Independent Analyst

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.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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