On the 4th of January 2022, OPEC and Non-OPEC held a meeting to discuss the output oil policy. An increase in covid cases prompted this meeting. On Tuesday, they agreed to increase oil output.
Non-OPEC is known as OPEC+. They are a group of oil producers that produce oil outside of the OPEC group. According to Tamas Varga, a senior analyst at PVM oil associates, OPEC+ controls over 50% of global oil supplies.
OPEC+ agreed to raise its output target by 400,000 barrels per day for February. Energy analyst expects the OPEC+ group to keep the policy in motion.
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Furthermore, the global benchmark Brent crude rose to $80 a barrel due to the oil output hike agreement.
Oil supply reduction
OPEC and OPEC+ are in the process of reducing the oil su...