OPEC+ stuck to its plan to lift output by 400,000 barrels a day for February after it cut estimates for a surplus in the first quarter.
Oil has made a positive start to the year as concerns about the hit to demand from the omicron virus variant eased and major economies continue to rebound from the pandemic, although there’s still some uncertainty in China.
-While OPEC+ has agreed to add 400,000 barrels a day in February, the actual volume could be much less due to some members struggling to hit production targets.
US gasoline stockpiles, meanwhile, increased by 7.06 million barrels last week, while inventories of distillates – a category that includes diesel – rose by 4.38 million barrels, the API reported.