OPEC+ is in no Hurry to Boost Output

The OPEC+ alliance decided to boost output by previously agreed 400K bpd despite calls from the United States to ramp up production faster in order to limit upward pressure in energy prices.
OPEC+ sources say the United States has ample capacity of its own to ramp up production if it wants to help the world accelerate its economic recovery.
"Today it was decided to keep the parameters that were adopted earlier. An increase by 400,000 barrels per day is also envisaged for January and February," said Russian Deputy Prime Minister Alexander Novak, who is in charge of the energy sector, following the OPEC+ meeting.
"We understand that the market is recovering ... while, as you know, during the fourth quarter and first quarter there is a seasonal decline in demand," Novak said and cited the example of the EU, where demand for petroleum products decreased in October.
He called the OPEC+ strategy correct even during the period of declining demand and pointed to the increase in oil reserves in some countries.
Oil prices soared to a three-year high this year, surpassing $86/bbl mark, as OPEC+ gradually ramps up supply and demand rebounds with the lifting of restrictions imposed by the coronavirus pandemic. US President Joe Biden on Saturday called on major G20 energy producers with spare capacity to pump more oil in order to boost global economic recovery.
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