OPEC raised it crude oil production by 64,000 barrels per day in January, according to the cartel’s February 2022 Monthly Oil Market report, despite a 254,000 barrel per day quota being allowed according to OPEC+ deal between producers.
This marks the sixth month that OPEC+ has added volumes below the 400,000 barrel per day monthly increase announced in OPEC+ meetings, tightening oil markets.
Oil prices have tracked upward breaching the $90 per barrel mark this Thursday, up from $58 per barrel in February 2021.
According to the OPEC report demand will remain strong in 2022 at 4.2 million barrels per day, driven particularly by increased consumption of gasoline and diesel.
This price rise has been seen at the pump for US consumers who have seen gasoline prices rise by 40% year-over-year in January.
