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OPEC+ agrees to revive more output as market looks tighter

The 23-nation OPEC+ alliance led by Saudi Arabia and Russia approved a 400,000 barrel-a-day increase scheduled for February at a meeting on Tuesday.

Photo: Hasan Jamali/AP/Ritzau Scanpix

OPEC and its allies agreed to revive more halted production as the outlook for global oil markets improved, with demand largely withstanding the new coronavirus variant.

The 23-nation alliance led by Saudi Arabia and Russia approved the 400,000 barrel-a-day increase scheduled for February at a meeting on Tuesday, according to a statement. The group is sticking to its plan to gradually restore output halted during the pandemic after its analysts predicted a smaller surplus this quarter than previously expected. 

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