Oil Prices Surge Above $80 After OPEC+ Decides To Increase Production To 400,000 Barrels Per Day (BPD) In February And U.S. Celebrates

Written by Flavia Marinho

Published on 11/01/2022 at 09:23

Updated on 11/01/2022 at 11:00

oil Brent

Be the first to react!

US Celebrates OPEC+ Decision to Continue Increasing Oil Production and Add 400,000 Barrels Per Day (bpd) in February

The price of oil soared on Tuesday (11/04) to $80 per barrel, its highest level since November. The spike occurred after OPEC+ agreed to maintain the planned production increase for February based on indications that the Omicron coronavirus variant would have only a mild impact on demand.

Read Also

Brent rose $1.02, or 1.3%, to $80 per barrel, almost back to the level it was at on November 26, when reports of the new variant first emerged, triggering a drop of over 10% in prices that day.

Meanwhile, the price of oil in the US (WTI) rose $0.91, or 1.2%, to $76.99.

ARTICLE CONTINUES BELOW

White House Welcomes OPEC+ Decision to Continue Increasing Oil Production and Add 400,000 Barrels Per Day (bpd) in February

According to Rystad Energy’s head of oil markets, Bjornar Tonhaugen, “the oil market is up today as a result of the optimism stemming from the monthly OPEC+ meeting, which is helping oil prices to rise,” he said.

Four OPEC+ sources told Reuters that the group agreed, in its meeting on Tuesday (4), to add 400,000 barrels per day (bpd) to production in February, because it expects the Omicron variant to have a short-lived impact on demand.

Its decision reflects a relief from concerns about a significant surplus in the first quarter, as well as the desire to provide consistent guidance to the market.

The White House welcomed OPEC+’s decision to continue increasing production, which will help facilitate economic recovery, a spokesperson said.

“It seems that the market is betting that Omicron is the beginning of the end of COVID-19,” said Scott Shelton, energy specialist at United ICAP.

Oil Prices Surge Above $80 After OPEC+ Decides To Increase Production To 400,000 Barrels Per Day (BPD) In February And U.S. Celebrates

US Celebrates OPEC+ Decision to Continue Increasing Oil Production and Add 400,000 Barrels Per Day (bpd) in February

Read Also

White House Welcomes OPEC+ Decision to Continue Increasing Oil Production and Add 400,000 Barrels Per Day (bpd) in February

With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

Forget petroleum-based asphalt: a Scottish company transforms 684,000 plastic bottles into one kilometer of road that is 60% more resistant and up to 10 times more durable, and the technology has already started replacing traditional asphalt in more than 30 countries.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

A robot named Walter does the work of five bricklayers per hour and can save the construction industry, where the average age of professionals is 46 years and almost no one wants to learn the trade anymore, in the United Kingdom.

The James Webb telescope spotted a planet 700 light-years from Earth with mornings full of sand clouds and nights with clear skies, the temperature difference between the two hemispheres reaches an impressive 170 degrees.

Viaduct used every day by cars, buses, and pedestrians in the center of a São Paulo city becomes a legal case after a report indicates “imminent danger,” cracks, corrosion, and high lethality risk.

Project created by a UFS student defeats European competitors in an engineering award held in Paris and highlights the advancement of Brazilian science with an innovative solution, developed in a public academic environment and recognized by international experts in the technological field.

The seemingly endless sand is disappearing: the world extracts 50 billion tons per year from rivers and beaches, a volume comparable to 19,000 pyramids of Giza, while mafias profit, islands disappear, and city concrete is threatened until 2050.

Scientists drill 8,000 feet of ice in Antarctica and race against time before the hole freezes over again to bury the world’s deepest seismometers and turn the South Pole into a giant ear for earthquakes across the entire planet.

Rice in space becomes a scientific bet for China to understand how microgravity can alter the genetics of the most important grain for Asian food security and reveal if future generations of the plant can be born, grow, and maintain their biological identity away from Earth.

Oil Prices Surge Above $80 After OPEC+ Decides To Increase Production To 400,000 Barrels Per Day (BPD) In February And U.S. Celebrates

US Celebrates OPEC+ Decision to Continue Increasing Oil Production and Add 400,000 Barrels Per Day (bpd) in February

Read Also

White House Welcomes OPEC+ Decision to Continue Increasing Oil Production and Add 400,000 Barrels Per Day (bpd) in February

With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

Forget petroleum-based asphalt: a Scottish company transforms 684,000 plastic bottles into one kilometer of road that is 60% more resistant and up to 10 times more durable, and the technology has already started replacing traditional asphalt in more than 30 countries.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

A robot named Walter does the work of five bricklayers per hour and can save the construction industry, where the average age of professionals is 46 years and almost no one wants to learn the trade anymore, in the United Kingdom.

The James Webb telescope spotted a planet 700 light-years from Earth with mornings full of sand clouds and nights with clear skies, the temperature difference between the two hemispheres reaches an impressive 170 degrees.

While Brazil sits on the pre-salt and still imports diesel, Turkey, which produces almost no oil, crossed half the world to drill 7,500 meters below the sea in Somalia in search of its own fuel.

Why didn’t oil reach $150 even after three months of the Strait of Hormuz being closed?

Farmer drills well in Ceará in search of water, accidentally finds crude oil and sees million-dollar discovery hindered by a rule that completely changes the future of the site.

Family finds oil on a 49-hectare site in Ceará, but exploration has no timeline or guarantee of happening

When drilling an artesian well, a farmer wanted water but found oil: ANP confirms that the dark liquid found by a farmer on a site in Ceará is crude oil.

Viaduct used every day by cars, buses, and pedestrians in the center of a São Paulo city becomes a legal case after a report indicates “imminent danger,” cracks, corrosion, and high lethality risk.

Project created by a UFS student defeats European competitors in an engineering award held in Paris and highlights the advancement of Brazilian science with an innovative solution, developed in a public academic environment and recognized by international experts in the technological field.

The seemingly endless sand is disappearing: the world extracts 50 billion tons per year from rivers and beaches, a volume comparable to 19,000 pyramids of Giza, while mafias profit, islands disappear, and city concrete is threatened until 2050.

Scientists drill 8,000 feet of ice in Antarctica and race against time before the hole freezes over again to bury the world’s deepest seismometers and turn the South Pole into a giant ear for earthquakes across the entire planet.

Rice in space becomes a scientific bet for China to understand how microgravity can alter the genetics of the most important grain for Asian food security and reveal if future generations of the plant can be born, grow, and maintain their biological identity away from Earth.