Reuters: OPEC+ May Discuss a 200K BPD Output Hike in January Versus Current 400K BPD Agreed

According to sources cited by Reuters, OPEC+ may as an option discuss hiking output by just 200K barrels per day (BPD) in January versus the current agreement which stipulates 400K BPD monthly output hikes into mid-2022. Moreover, a senior OPEC+ source reportedly said that sentiment at the moment is to stick to the existing output plan at the meeting.

Reuters indicated that this proposal would be one of the options on the table along with a plan to stop the monthly cut to increase crude oil supplies next month because the alliance will need some time to re-evaluate the global situation in light of the mutated omicron.

A few hours ago, news reports, quoting informed sources, said that the OPEC+ alliance is likely to consider not pumping additional oil supplies to the markets temporarily during the month of January, in light of concerns about the new Omicron axis, which had a positive impact on crude oil prices.

The decision of the alliance will be announced after the meeting of the Technical Committee of the Ministers of the OPEC+ alliance today, Thursday, and the decisions will be announced as soon as they are issued.