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OPEC+ ministerial talks on output increase by 400,000 barrels per day in March completed

The decision to increase output with the current rates in March 2022 was reaffirmed

MOSCOW, February 2. /TASS/. The February OPEC+ ministerial meeting only lasted for 20 minutes, becoming record short. According to TASS sources in OPEC, the ministers’ talks have been completed, with the plan of oil output increase by 400,000 barrels per day in March confirmed.

According to the official communique released later on OPEC’s website, the countries reaffirmed the decision to increase output with the current rates in March 2022 as well.

Moreover, the ministers agreed that the next meeting will be held on March 2, 2022.

OPEC+ participating nations have been increasing output by 400,000 barrels per day since August 2021, though due to uncertainty on the oil market, they have been reaffirming this plan each month via videoconferences. According to this schedule, they were to cut crude production by 3.359 mln barrels per day in January 2022, and by 2.959 mln barrels per day in February.

According to the March output schedule, Russia and Saudi Arabia will be able to produce 10.331 mln barrels per day each during this month. The total output of OPEC+ states may equal 41.294 mln barrels per day in March.

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