Climate Changed
OPEC+ Seen Reviving Output in Sign of Confidence for 2022 Demand
- Several delegates expect approval of 400,000-barrel-a-day hike
- Prospect of surplus may lead to cautious policy later on
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OPEC and its allies are expected to revive more oil supplies when they meet next week, underscoring the group’s optimism in the outlook for global demand.
The 23-nation alliance led by Saudi Arabia and Russia is likely to proceed with another modest monthly hike of 400,000 barrels a day as it restores production halted during the pandemic, according to a Bloomberg survey. Several national delegates also said they expect the boost -- due to take effect in February -- will go ahead.