OPEC+ talks likely to consider pausing oil output hike as an option, source says


Reuters | London | Updated: 02-12-2021 15:55 IST | Created: 02-12-2021 15:32 IST
OPEC+ talks likely to consider pausing oil output hike as an option, source says
Representative image Image Credit: ANI
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OPEC+ ministers are likely to discuss pausing a planned oil output hike in January as one option during ministerial talks on Thursday, an OPEC+ source said, amid uncertainly about the impact of the pandemic on global crude demand. "The Omicron COVID-19 variant and U.S. intervention in the oil market have created a vague situation,” the source told Reuters, referring to a U.S. plan to release oil from its reserves to reduce prices that hit three-year highs in October.

OPEC+ has an agreement in place to add 400,000 barrels per day (bpd) a month to global supplies as it gradually unwinds last year's record supply cuts of about 10 million bpd, or 10% of global supplies when demand had cratered.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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