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[size=36]Reuters: OPEC faces difficulty in increasing production[/size]
Economie| 09:24 - 31/01/2022
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A Reuters survey revealed today, Monday, that OPEC oil production in January did not again reach the limit of the increase planned under an agreement with allies, highlighting the difficulty some producers are facing to pump more crude even as oil prices reached their highest level since Seven years.
The survey found that the Organization of the Petroleum Exporting Countries (OPEC) pumped 28.01 million barrels per day in January, an increase of 210,000 barrels per day from the previous month, but less than the increase allowed under the supply agreement, which amounts to 254,000 barrels per day.
OPEC and its allies, in what is known as the OPEC + group, are gradually working to reduce the production cuts they implemented in 2020 as demand recovers after overcoming the worst consequences of the Covid-19 pandemic. OPEC + meets next Wednesday and is expected to adhere to previously agreed plans, despite the rise in oil prices to their highest levels in seven years, near $ 92 a barrel.
"I don't expect to deviate much from the plan," an OPEC+ delegate said of Wednesday's meeting.
And OPEC documents showed that the OPEC + agreement allowed members to increase production by 400,000 barrels per day in January, including about 254,000 of the ten members of OPEC who participate in the agreement.
The survey found that with production lower than the planned increase, OPEC's compliance with its pledged cuts increased to 132 percent in January, up from 127 percent in the previous month.
It is expected that OPEC + will go ahead on Wednesday with pumping another increase in production by 400,000 barrels per day in March, although two OPEC + sources told Reuters that higher prices may prompt the group to consider other steps. Ended 29 / p. 87
The survey found that the Organization of the Petroleum Exporting Countries (OPEC) pumped 28.01 million barrels per day in January, an increase of 210,000 barrels per day from the previous month, but less than the increase allowed under the supply agreement, which amounts to 254,000 barrels per day.
OPEC and its allies, in what is known as the OPEC + group, are gradually working to reduce the production cuts they implemented in 2020 as demand recovers after overcoming the worst consequences of the Covid-19 pandemic. OPEC + meets next Wednesday and is expected to adhere to previously agreed plans, despite the rise in oil prices to their highest levels in seven years, near $ 92 a barrel.
"I don't expect to deviate much from the plan," an OPEC+ delegate said of Wednesday's meeting.
And OPEC documents showed that the OPEC + agreement allowed members to increase production by 400,000 barrels per day in January, including about 254,000 of the ten members of OPEC who participate in the agreement.
The survey found that with production lower than the planned increase, OPEC's compliance with its pledged cuts increased to 132 percent in January, up from 127 percent in the previous month.
It is expected that OPEC + will go ahead on Wednesday with pumping another increase in production by 400,000 barrels per day in March, although two OPEC + sources told Reuters that higher prices may prompt the group to consider other steps. Ended 29 / p. 87
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