OPEC+ sticks to March production plan despite pressure

OPEC and its non-OPEC allies (OPEC+), at the Ministerial Meeting Feb. 2, reconfirmed the decision to adjust upward the monthly overall production by 400,000 b/d for the month of March, despite pressure from top consumers to raise production more quickly.

Oil prices jumped to a near 7-year high following the announcement. Brent crude futures traded above $90/bbl. West Texas Intermediate (WTI) futures were slightly below $90/bbl.

The move, widely expected by the market, marks a continuation of the group's strategy to gradually increase production. OPEC+ is under pressure from major consumers such as the US and India to increase production to lower prices and help the global economy recover. Despite rising oil prices, the group rejected calls for faster rate hikes.