The Organization of the Petroleum Exporting Countries (OPEC) and its ally, OPEC+ decided to stick to existing agreements in their monthly production of crude oil.
An additional production of 400,000 barrels a day was maintained for February, although the Omicron coronavirus variant was seen to have less of an impact on oil demand.
Following the decision, Brent crude oil continued to soar above the $ 80 per barrel price level before trading slightly lower around $ 79.80 per barrel in the Asian session today.
While US WTI oil futures also climbed higher by trading at $ 76.77 a barrel, declining slightly after touching the $ 77 level in the previous session.
The results also reflect the easing of concerns over overproduction in the first quarter and OPEC’s desire to provide consistent guidance to the market.
In addition, the United States, which had previously urged OPEC to increase production, welcomed the decision by also touting 'close' coordination with Saudi Arabia and the United Arab Emirates (UAE).
