On the upside, the first session of 2022 ended with oil after the strongest annual growth in the last 12 years and while investors are waiting for the decisions of the largest oil-producing countries in the world on production levels in the coming months.
OPEC and its allies (OPEC +) are meeting tomorrow via teleconference to decide on production levels in February. At its December meeting, OPEC + upheld its previous decision to boost monthly production by 400,000 barrels per day in January.
Analysts estimate that OPEC + will not change its strategy and will continue to increase production by 400,000 barrels as it assesses in the coming weeks how the rapid spread of the micron mutation is affecting the global economy and demand.
Against this background, the February crude contract gained 87 cents or 1.2% and climbed to $ 76.08 a barrel on the New York Mercantile Exchange.
Brent March, meanwhile, added $ 1.20, or 1.5 percent, to $ 78.98 a barrel on ICE Futures.
The WTI jumped 55% in 2021, the largest percentage increase since 2009. Brent gained 50.2%, recording the highest percentage gains since 2016.
Meanwhile, OPEC announced today that Kuwait’s Haitham Al-Ghais will take over as secretary-general from August 1 for the next three years, replacing Mohammad Barkindo, who has been head of the organization since 2016.
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