MOSCOW, 05 January 2022, (TON): A source in OPEC told media “the OPEC + ministerial conference ended without surprises. The meeting lasted only about half an hour, according to its results, the countries, the parties to the agreement, as expected, approved an increase in oil production in February by 400 thousand b / d.”

Later this information was confirmed by OPEC, having published the corresponding press release.

The source said “the growth of 400 thousand bpd has been approved.”

According to the official schedule, OPEC + countries will be able to produce 40.894 million bpd in February. Of this volume, Russia and Saudi Arabia will each have 10.227 million bpd.

OPEC + oil exporters proceed from the fact that the oil market is currently balanced, said the conclusion of the monitoring committee, which TASS got acquainted with on Tuesday.

At the same time, they expect that after the first quarter of 2022 the market will begin to shift towards a surplus and oil reserves will grow. Earlier, experts from the OPEC + technical committee estimated a possible surplus on the oil market in 2022 at 1.4 million bpd.