The OPEC + countries decided to increase the supply of oil in January 2021 following a ministerial meeting of the organisation, which was held via videoconference on December 4. “The decision was made on the overall increase in production of OPEC+ countries by 500,000 barrels per day,” the press service of Kazakhstan’s Energy Ministry said.
The general production limitation of the OPEC+ countries in January 2021 will amount to 7.2 million barrels per day from the baseline.
According to the press-service of Kazakhstan’s Energy Ministry, the level of obligations in January 2021 will be 1.417 million barrels per day.
“The OPEC+ agreement has a positive effect on the global oil industry, maintains the balance of supply and demand and stabilizes the oil and oil products market,” said Kazakhstan’s Energy Minister Nurlan Nogayev, who represented Kazakhstan at the meeting.
Also, the countries participating in the agreement agreed to hold monthly ministerial meetings, starting in January 2021, to review the current state of the oil market and to adjust the further level of restrictions.
This article is reproduced at www.neweurope.eu
