OPEC and its allies (OPEC +) are evaluating probable scenarios on their oil production policy for FebruaryReuters reports, citing an OPEC document dated January 4.
The alliance is studying a production cut of 500,000 barrels per day (bpd) in February along with three other scenarios, which include maintaining production or a 500,000 bpd increase next month, Reuters added.
OPEC + meeting runs through Tuesday after major cartel producers opposed Russia’s proposal to increase oil production in February.
In its current form, Algeria, Nigeria, Oman, Iraq, Kuwait and the United Arab Emirates are in favor of maintaining supply in February, while Kazakhstan supported Russia’s proposal.
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