OPEC and oil-producing countries such as Russia plan to increase production to defer in February

With crude oil prices remaining high, major oil-producing countries such as Saudi Arabia and Russia have decided to keep their current plans to increase production by 400,000 barrels a month next month.

OPEC, led by Saudi Arabia, and major oil-producing countries such as Russia held an online meeting on the 4th to determine crude oil production next month.

As a result, we decided to keep our previous plan to increase production by 400,000 barrels per month.

Oil-producing countries have carefully analyzed how the spread of the mutant virus Omicron strain affects the demand for crude oil, but at this point it is unlikely that demand will drop significantly, and it seems that they have not changed their production plans. Will be.

The next meeting will be held on the 2nd of next month.

International crude oil futures prices remained high at around $ 76 a barrel before the meeting, which remains a challenge for Western countries facing inflation.

Therefore, depending on future price trends, it is possible that bargaining between oil-producing countries and consuming countries will become more active over the pros and cons of further production increases.