The OPEC+ (the group of producers comprising the Organisation of the Petroleum Exporting Countries (OPEC) and its non-OPEC allies including Russia) has decided to raise its crude oil production target by 400,000 bbl/d from February 2022. In February 2022, both Saudi Arabia and Russia should produce over 10.2 mb/d; the OPEC 10 production should reach 24.8 mb/d, that of non-OPEC producers 16.1 mb/d, and the OPEC+ production should average 40.9 mb/d. Previously, in December 2021, OPEC+ agreed to increase oil production by 400,000 bbl/d in January 2022.
The OPEC+ is unwinding production cut of 5.8 mb/d, which were imposed in 2020. The OPEC+ aims to fully phase out cuts by around September 2022, subject to market conditions. Since August 2021, OPEC+ has raised its output target each month by 400,000 bbl/d.