OPEC+ To Add 400,000 Bpd In January Despite Oil Price Plunge

The OPEC+ group is sticking to its plan to ease the production cuts in January by 400,000 barrels per day, despite mounting evidence of a larger-than-expected oil surplus early next year. At the meeting of the alliance on Thursday, the ministers have decided to keep the policy to add 400,000 bpd to the market each month, as they have been doing since August.

All ministers of the OPEC+ group appear to be in agreement with increasing output by another 400,000 bpd next month­—that is, rolling over the current supply addition policy, Amena…