Faced with the pandemic, OPEC + cautiously opens its floodgates
Opec + will only increase production by 75,000 barrels in February, then another 75,000 in March (illustrative image).
Reuters / Jessica Lutz
Text by: RFI Follow
2 min
Faced with economic uncertainties linked to the resurgence of cases of Covid-19, the alliance of oil-exporting countries Opep + agreed on a very slight increase in its production in February and March, carried out only by Russia and Kazakhstan.
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Seventy-five thousand more barrels per day in February, then 75,000 more barrels in March.
It was a very timid opening of the floodgates that was finally decided by the alliance of 23 oil-exporting countries united in OPEC +, after two days of discussions.
"New Year's Gift" from Saudi Arabia to Russia
The uncertainties about the recovery in oil demand were decidedly too great in the face of the resurgence of Covid-19 cases around the world.
After a collective increase in production of 500,000 barrels in January, the prudence advocated by Saudi Arabia prevailed, while sparing the desire of Russia and Kazakhstan to open the floodgates a little.
For the “historic” OPEC, this will be the
status quo
.
Saudi Arabia even agrees to lower its own quota by an additional million barrels in February and March.
A gesture described as "
new New Year's gift
" by the Russian Minister of Energy, also greeted by a rebound in crude prices to 53 dollars at the end of the session on Tuesday.
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