A deal struck on 3 December by Opec and allied oil producers will maintain the vast majority of their existing production cuts through January. However, key Middle East oil producers Saudi Aramco and Abu Dhabi National Oil Company (Adnoc) are expected to remain cautious on large-scale capacity expansion projects and greenfield oil-based investments, project observers said. The deal by Opec, Russia and the other Opec+ producers will increase Opec+ production by 500,000 barrels per day in January, but the small size of the output rise is seen as helping to keep a floor under oil prices in the weeks ahead, analysts said.
展开▼
