Oil down $2 a barrel after OPEC+ sticks to planned output rise

Arab News | Dec 2, 2021 at 3:12 PM
  • US and Brent Crude oil dropped $2 a barrel after sources claimed OPEC+ has decided to stick to its planned January output rise of 400,000 per day, Reuters is reporting.
  • The meeting remains “in session”, according to a press release issued on Thursday afternoon, meaning the group could revist the decision before the next scheduled meeting on Jan. 4.
  • OPEC+ forecast a 3 million bpd surplus in the first quarter of 2022 after the release of reserves, up from a 2.3 million bpd surplus previously forecast.