Greg posted the news Wednesday US time:
- OPEC+ agreed to increase oil output by 400,000 BPD from March. That is as expected.
ANZ analysis:
- OPEC+ alliance ... was quick to rubber-stamp the increase at its monthly meeting, suggesting there are no dissenting voices to the monthly 400kb/d increase agreed to last year.
- There was some speculation that the group may increase more than 400kb/d. However, the fact that they only raised output by 50kb/d in January suggests there are deeper issues at play.
- The group’s technical committee also warned that oil supplies will exceed demand by 1.3mb/d in 2022.
And on Iranian negotiations:
- Iran suggested it was ready to boost output should US sanctions lifted. Iran’s Oil Minister, Javad Owji, said his country is ready to supply oil markets in the “fastest time”.
