OPEC and Russia are raising their oil production in dribs and drabs

Posted 2 Feb. 2022 at 18:12Updated Feb 2. 2022 at 07:14 PM

Unsurprisingly, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, decided on Wednesday to raise their oil production. In March, all the member countries of this alliance called OPEC+ will put an additional 400,000 barrels per day on the market, in accordance with the common strategy adopted last July consisting of gradually reopening the floodgates to normalize the oil market without flooding it.

The pace of this increase, however, may dampen hopes of falling prices. Those of brent had fallen only 0.5% on Wednesday at the end of the day. The major consumer countries, such as the United States or India, have called on OPEC+ to accelerate the resumption of production. Without success: Saudi Arabia and other members are playing it safe, fearing that a new wave of Covid will once again depress oil demand.

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