OPEC +: Russia supports boosting production in February

Last Monday (21), it was announced the discovery of a new strain of coronavirus, which raises doubts about the future of oil demand. However, according to Reuters, Russia intends to support a further increase in production by OPEC+ (Organization of Petroleum Exporting Countries and allies) at the group's meeting next month.

Officials, who did not want to be identified, said the Moscow government believes it makes sense to increase OPEC+ production by 500,000 barrels per day in February, equaling the increase already agreed for January. The number represents the maximum increase in the offer allowed by the agreement closed by the cartel in early December. However, other members would need to agree to the expansion of production.

Brent fell below $50 a barrel on Monday, under the impact of the UK government's decision to enact a full lockdown in London and south-east England following the announcement of the most contagious strain of coronavirus. Some countries in Europe, Asia and the Middle East have also limited travel with the country.


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