OPEC+ to Mostly Hold Output Steady for February

After raising output by 500,000 bpd for the month of January, OPEC+ is likely to hold output steady for the month of February. Having failed to reach a compromise in their most recent meeting, the coalition is likely to commit to steadying supplies in an upcoming meeting. Despite an overall optimistic market environment, Saudi Arabia had advised OPEC+ member to practice caution given the market’s vulnerability to the uncertainty of COVID. While most OPEC+ members favor steadying outputs, Russia and Kazakhstan are pushing for an increase in production.