An oil ICYMI – OPEC rubber stamps its pre-agreed 400K b/d increase

Greg posted the news Wednesday US time:

• OPEC+ agreed to increase oil output by 400,000 BPD from March. That is as expected.

ANZ analysis:

• OPEC+ alliance … was quick to rubber-stamp the increase at its monthly meeting, suggesting there are no dissenting voices to the monthly 400kb/d increase agreed to last year.
• There was some speculation that the group may increase more than 400kb/d. However, the fact that they only raised output by 50kb/d in January suggests there are deeper issues at play.
• The group’s technical committee also warned that oil supplies will exceed demand by 1.3mb/d in 2022.

And on Iranian negotiations:

• Iran suggested it was ready to boost output should US sanctions lifted. Iran’s Oil Minister, Javad Owji, said his country is ready to supply oil markets in the “fastest time”.