Reuters: OPEC is Closer to Fixing Its Production Plans in February

Three sources from the OPEC + group said that the alliance is closer to committing to its plans to increase production in February, with a slight and short-term impact on demand from the Coronavirus, Omicron is likely.

In a technical report seen by Reuters on Sunday, OPEC+ downplayed Omicron’s impact on the oil market, especially with the stable economic outlook in both advanced and emerging economies.

The International Energy Agency said last month that OPEC+ oil producers failed to meet their production targets by 650,000 bpd in November and 730,000 bpd in October.

OPEC will hold a meeting on Monday at 1 pm GMT to discuss the appointment of a new secretary-general to succeed President Muhammad Barkindo, and sources told Reuters last week that Haitham Al-Ghais, the former governor of the OPEC country, is expected to get the position because he enjoys broad support from member countries.