OPEC+ increases crude supply Brent crude oil prices are close to $80 a barrel

OPEC and its allies agreed to increase production in February, and an industry report showed that U.
S.
crude inventories fell again and oil prices stabilized
, according to Bloomberg on January 5.

London futures are trading close to $
80 a barrel.
On Tuesday, OPEC+ stuck to its plan to add 400,000 barrels per day in February, after the group lowered its forecast
for its first-quarter surplus.
The American Petroleum Institute reported a 6.
43 million barrel
reduction in U.
S.
oil inventories last week, according to people familiar with the matter.

Oil prices have been boosted
on the basis of 2021 due to global supply disruptions.
Facts Global Energy, a consultancy, said crude supply disruptions totaling nearly 1 million barrels
per day in recent weeks, including Ecuador and Nigeria.

While concerns about the impact of the omicron virus on demand have eased and major economies are recovering from the pandemic, some uncertainty
remains in parts of Asia.

Barbara Lambrecht, an energy analyst at Commerzbank AG, said the market was clearly watching for pro-price news
as oil prices approached $80 a barrel.
Whether this optimism is enough to keep people overlooked the impending oversupply for long will most likely depend on the impact of
Omicron.

Price:

At 10:03 a.
m.
London time, West Texas Intermediate crude fell 0.
1 percent to $76.
93 a barrel, and Brent crude for March delivery held steady at $
79.
99 a barrel.

OPEC+ to increase actual production in February may be lower than planned
as some members struggle to meet production targets.
Amrita Sen, co-founder of Energy Aspects Ltd.
, expects the alliance to increase production by 250,000 barrels
per day next month.