OPEC+ decides to retain oil output level as planned

The OPEC+ countries have decided to maintain the current strategy of the cartel, and in January to increase oil production by the planned 400,000 barrels per day. Report informs that a source in one of the delegations told RIA Novosti.

"The countries have decided to continue to act according to the current strategy," the agency's source said when asked what decision the OPEC+ countries made for January.

OPEC+ monthly increases its production by 400,000 barrels per day, which in May last year was reduced by 9.7 million barrels per day due to the drop in oil demand caused by the coronavirus pandemic.

As a result, OPEC+ expects to gradually withdraw from its production limitation obligations by the end of September 2022. As of December, they amount to 3.76 million barrels per day.

The next OPEC+ meeting will be held on January 4.