OPEC+ ministers extend plan to increase oil output

The OPEC and non-OPEC Ministerial Meeting, which lasted about half an hour on Tuesday, has given a green light to the oil output increase by 400,000 barrels per day in February, an OPEC source said.

"They have approved an increase of 400,000 bpd," he said.

The draft communique, made available to TASS, also says that the plan to increase oil production by 400,000 barrels per day for February had been approved. In addition, the document says about the extension of the plan to compensate oil overproduction until the end of June 2022.

The next OPEC and non-OPEC Ministerial Meeting will take place on February 2 to decide on oil output for March, an OPEC source said.

In February, OPEC+ countries will reduce output by only 2.959 million barrels per day, but not by 9.5 million barrels per day as in May 2020.