Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » OPEC to raise production by 400,000b/d from February

    OPEC to raise production by 400,000b/d from February

    January 5, 2022
    Share
    Facebook Twitter LinkedIn WhatsApp

    OpeOluwani Akintayo

    Lagos — The Organization of Petroleum Exporting Countries, OPEC and non-OPEC partners have agreed to increase output by 400,000 barrels a day from February.

    The body agreed on Tuesday to stick to its planned increase in oil production from February as energy investors weigh the potential impact of soaring omicron COVID-19 cases.

    The new agreement will see a release of supply cuts of roughly 10 million barrels per day.

    The production cut was put in place in April 2020 to help the energy market after the coronavirus pandemic curb demand for crude.

    Increasing market supplies is widely welcomed especially since the U.S had pressured for more outputs.

    International benchmark Brent crude futures traded at $79.87 a barrel on Tuesday, OPEC’s basket of thirteenth crude stood at $78b/d, while U.S West Texas Intermediate crude futures stood at $76.89 a barrel following the fresh agreement.

    Oil prices climbed more than 50 per cent last year.

    OPEC announced on Monday that it had appointed Haitham Al-Ghais of Kuwait as secretary-general from August.

    Al-Ghais, a technocrat who has worked in the oil industry for three decades, will replace Mohammad Sanusi Barkindo in August this year to become the group’s top diplomat.

    Related News

    US oil/gas rig count falls for 6th week to 2021 lows – Baker Hughes

    Demand for US light sweet crude drops as OPEC+ ramps up output

    Crude climbs on US jobs report, China talks

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    US oil/gas rig count falls for 6th week to 2021 lows – Baker Hughes

    June 8, 2025

    Demand for US light sweet crude drops as OPEC+ ramps up output

    June 8, 2025

    ‘Ebonyi communities face pollution, abuse from Chinese mining firms’

    June 8, 2025

    Nigeria loses N710bn to gas flaring in four months

    June 8, 2025

    NNPCL cuts workforce by 197 employees in one year

    June 8, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.