OPEC+ to go ahead with planned 400,000 bpd output increase in February – Reuters

Eren Sengezer FXStreet

Citing three sources familiar with the matter, Reuters reported on Monday that the Organization of the Petroleum Exporting Countries (OPEC) and its allies are expected to increase the oil output by 400,000 barrels per day in February as planned.

The group known as OPEC+ will have a meeting on Tuesday, January 4, to decide on the oil supply strategy.

Market reaction

This headline doesn't seem to be having a significant impact on crude oil prices. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $76.25, gaining 1.2% on a daily basis.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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