Crude oil hits US$80/bbl as OPEC+ decides to increase February output

January 05, 2022 04:12 PM AEDT | By Arpit Verma

Crude oil hits US$80/bbl as OPEC+ decides to increase February output — Image source: © Lkeskinen0 | Megapixl.com

OPEC’s plan for February

OPEC+ agrees to stick to its planned increase of 400,000 bpd of oil output in the coming month.

Source: © Gumpapa | Megapixl.com

The White House welcomed the decision by OPEC+ to continue to increase the output which is going to support economic activity by keeping energy prices at a reasonable level.

Apart from this people being hospitalized in Britain with COVID-19 were showing less severe symptoms whereas in France various sectors were being disrupted by the rapid surge in the spread of Omicron variant cases.

The Omicron variant of coronavirus has brought a record number of cases globally, dimming the charm of the new year, with more than 4,000 flights canceled on Sunday alone.

Meanwhile, Libya's state oil firm stated on Saturday that the country's overall output will be reduced by 200,000 bpd for a week due to maintenance on the main pipeline.

Bottom Line

Crude oil surpassed the mark of US$80 per barrel on Tuesday after the OPEC+ decided to increase the output for February based on the indications that the Omicron variant would have a minor impact on the energy demands.

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