The Organization of Petroleum Exporting Countries (OPEC) and its crude-producing allies, known collectively as OPEC+, have agreed to a modest boost in oil production in line with a previously agreed schedule, a decision that’s likely to support prices that are at near seven-year highs. At the OPEC and non-OPEC ministerial meeting on Feb. 2, held via videoconference, the cartel and its allies reaffirmed their earlier commitment to continue gradually raising crude production by 400,000 barrels per day each month. OPEC members led by Saudi Arabia and non-members led by Russia agreed at the meeting to boost crude production by 400,000 barrels per day in March. With the move, OPEC+ is sticking to its earlier commitment of a gradual reversal of deep cuts of 10 million barrels per day produced in 2020, when the pandemic and subsequent lockdowns decimated economies and oil demand tumbled. As economies rebounded from the pandemic recession …
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