OPEC+ countries will increase oil production in March by 400 thousand barrels per day

A meeting of OPEC+ ministers was held today, at which it was decided to jointly increase oil production in March 2022 by 400 thousand barrels per day. Russia's quota in the March increase remains the same – 109 thousand barrels per day. 

The alliance's ministerial meeting was a record short one and the decision to maintain the terms of the deal was made in half an hour. The next OPEC+ meeting, where the alliance's policy for April will be discussed, will be held on March 2.

After the announcement of the results, the price of Brent oil jumped to around $90.50 per barrel, declining some time later to $89.30. WTI crude oil is trading near $88.10 per barrel. Since the beginning of the year, oil quotes have increased by more than 17%. 

The OPEC+ decision not to increase the production recovery rate above the planned rate may contribute to a further rise in the price of hydrocarbons