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OPEC+ ministers support plan to increase output by 400,000 barrels per day in March-UPDATED

The meeting of the OPEC+ monitoring committee, which only lasted for half an hour, has ended. The draft communique obtained by TASS contains the recommendation on the oil production increase by 400,000 barrels per day in March, APA reports citing TASS.

The next meeting of the OPEC+ ministerial monitoring committee and OPEC+ ministerial meeting may be scheduled for February 23 or 24, 2022, according to the document.

The ministerial conference of OPEC+ nations that started on 4:00 pm Moscow time, is expected to fix the decision.

OPEC+ will likely stick to plans for a moderate rise in its oil output target when it meets on Wednesday, sources from the group said, despite pressure from top consumers for more supply after crude prices hit seven-year highs, APA-Economics reports citing Reuters.

The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+ which produces more than 40% of global oil supply, has faced calls from the United States, India and others to pump more oil as economies recover from the pandemic.

But OPEC+ has stuck to monthly increases of 400,000 barrels per day (bpd) to its target and blamed surging prices on the failure of consuming nations to ensure adequate investment in fossil fuels as they shift to greener energy.

Yet several OPEC members have struggled to meet even those monthly output increases.

Three OPEC+ sources told Reuters on Wednesday the plan to raise the target by 400,000 bpd for March was unlikely to change when the full group meets online at 1300 GMT.

“No more than 400,000 bpd,” one of them said, when asked if OPEC+ could discuss a higher figure.

Formal talks begin at 1200 GMT with a meeting of the Joint Ministerial Monitoring Committee, which can make a recommendation to the full OPEC+.

Source: Azeri-Press News Agency