Search ForexCrunch

The OPEC and its allies (OPEC+) is assessing probable scenarios on its oil output policy for February, Reuters reports, citing an OPEC document dated January 4.

The alliance is studying a 500,000 barrel per day (bpd) output cut for February alongside three other scenarios, which include maintaining the production or an increase of 500,000 bpd next month, Reuters added.           

The OPEC+ meeting extends into Tuesday after the cartel’s major producers opposed Russia’s proposal for the February oil output hike.

As it stands, Algeria, Nigeria, Oman, Iraq, Kuwait and the United Arab Emirates are in favor of maintaining the supply in February while Kazakhstan supported Russia’s proposal.

Market reaction

developing story …