Oil prices jump as Opec+ agrees to continue output increase in February – The National

Oil prices jump as Opec+ agrees to continue output increase in February – The National

Opec and its allies will stay the course and bring 400,000 barrels per day of crude to the market in February despite demand concerns due to the worldwide increase in Omicron coronavirus infections.

The Opec+ group of oil producers, led by Saudi Arabia and Russia, agreed to increase production next month during an online meeting on Tuesday.

Brent, the global benchmark for two thirds of the world's oil, jumped 1.62 per cent to $80.26 per barrel after the announcement. West Texas Intermediate, the gauge which tracks US crude, rose 1.63 per cent to $77.32 a barrel at 7.25pm UAE time on Tuesday.