OPEC+ Agrees to Revive More Output as Market Looks Tighter
- Delegates say group will proceed with next 400,000 b/d hike
- Estimates for first-quarter surplus reduced on weaker supply
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OPEC and its allies agreed to revive more halted production as the outlook for global oil markets improved, with demand largely withstanding the new coronavirus variant.
The 23-nation alliance led by Saudi Arabia and Russia approved the 400,000 barrel-a-day increase scheduled for February at a meeting on Tuesday, according to a statement. The group is sticking to its plan to gradually restore output halted during the pandemic after its analysts predicted a smaller surplus this quarter than previously expected.