Top oil producers eye modest output boost as prices surge

The 23 members of the OPEC+ oil cartel, who meet on Wednesday, are expected to stick to their guns and increase output modestly as the price of crude surges.

As in January, analysts expect the taps to be opened slightly, to the tune of an additional 400,000 barrels per day, Tamas Varga, an analyst at PVM Energy, told AFP.

Representatives of the 13 members of the Organization of the Petroleum Exporting Countries (OPEC), and their 10 allies through the OPEC+ agreement, will first meet at ministerial level before a broader video conference scheduled for 1300 GMT (1930 IST).

The cartel’s prudent approach dates back to the spring of 2021 as demand recovered from drastic cuts in the face of the Covid-19 pandemic.