OPEC+ Agree to Modest Hike

Nigeria and Angola unable to increase oil production

The OPEC+ group including top producers Saudi Arabia and Russia have resisted US pressure to increase oil output to mitigate the high energy costs stoking inflation round the world.

Instead, on Tuesday after a Zoom meeting the Organisation of Petroleum Exporting Countries (OPEC) 13 members and 10 associate members agreed to a modest hike in supply by 400,000 barrels per day. This makes no difference from previous months supply.

The rapidly spreading Omicron variant has yet to hit oil demand. The OPEC+ nations had slashed production in 2020 due to lockdown economies crippling the price of oil as there was no demand.

In December the White House mindful of the midterm elections thanked OPEC+ for the modest hike in supply. This did not bring down the price and makes Joe Biden nervous as Omicron, inflation and high gas prices continues to grip the US.

OPEC analysts have assured OPEC+ members that high oil prices will be the trend for 2022. The next supply hike meeting is scheduled on February 2.

At the close of trading on Wednesday the price of crude oil had topped $80.

Source Reuters

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