The 500,000 b/d production increase OPEC and its partners are planning for January will be divvied up proportionally, with Saudi Arabia and Russia, the two largest members, each allowed to pump 126,000 b/d more, according to a document seen by S&P Global Platts. Both Saudi Arabia and Russia will now have quotas of 9.119 million b/d. OPEC’s second largest producer Iraq will have a cap of 3.857 million b/d, while the UAE, the third largest, will be held to 2.626 million b/d. That does not include any so-called “compensation cuts” owed for overproducing above quotas in previous months. OPEC’s 13 members will be allowed to raise production by 304,000 b/d, and the nine non-OPEC partners will be allowed a 196,000 b/d increase, the document shows. The OPEC+ alliance agreed Dec. 3 on the slight easing […]