Next meeting of OPEC and non-OPEC members is scheduled for Feb. 2
The world’s biggest oil producers on Tuesday decided to extend the current plan to increase output by 400,000 barrels per day (bpd) through February.
The 23-members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+,held the 24th Ministerial Meeting via videoconference.
The OPEC+ group reduced its daily crude oil production by approximately 10 million barrels in April 2020 due to the sharp decline in demand following the emergence of the COVID-19 pandemic. As global economies and oil demand started to recover, the group also began to ease these cuts in April.
In July, major producing countries agreed to raise output incrementally by 400,000 bpd from August to December and extend the production cut agreement from April 2022 to December 2022.
The next meeting of OPEC and non-OPEC members is scheduled for Feb. 2.
Brent surpasses $80 a barrel
The price of Brent surpassed the $80 per barrel threshold by the time the meeting ended. It reached $80.45 a barrel at 1451 GMT, posting 1.86% increase.
American benchmark West Texas Intermediate (WTI) also climbed to $77.39 per barrel at the same time, recording a 1.72% gain.