OPEC + agreement leads to Russia increasing oil output.

RUSSIA / FSU POLITICS - In Brief 06 Jan 2021 by Alex Teddy
On January 5 it was announced that oil production will be ramped up a little in March in Russia and Kazakhstan. These two countries are not OPEC members but they cooperate with it through a forum called OPEC+. The amount of crude oil withdrawn from the market will be reduced from 7.2 million BPD to 7.1 million BPD in February 2021 and 7.05 million BPD in March 2021. OPEC+ does not want a glut on the market. Saudi Arabia is reducing its oil product output by 1 million BPD in February and March 2021.Oil prices leapt 5% on the news. Oil prices reached USD 50 per barrel at 18:30 on January 5.The agreement is as usual the two major oil players meeting each other halfway. Russia wanted to increase output 0.5 million BPD in February 2021. The Saudis wanted the opposite.

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