OPEC+ mulling increase of oil output by 500,000 bpd from Jan

MOSCOW, Dec 3 (PRIME) -- The OPEC+ states are discussing increasing oil production by 500,000 barrels per day from January 2021, but the decision has not been agreed yet, a source close to negotiations told PRIME on Thursday.

“It is only one of the proposals so far, it has not been agreed with everyone. The option envisages increasing crude output by 500,000 barrels per day monthly starting from January,” the person said.

The information was confirmed by Bloomberg and Reuters, which cited the delegates.

Russia’s Deputy Prime Minister Alexander Novak said at the opening of the OPEC+ meeting that the participants should evaluate the market outlooks in terms of both positive factors, and low demand in winter and uncertainty linked to the coronavirus pandemic and make a well-weighted decision.

The OPEC+ countries agreed to reduce their oil output by significant 9.7 million barrels per day in May to fight the consequences of the global coronavirus crisis, with Russia’s share of 2.5 million barrels per day. Later, the cut was prolonged at 9.7 million barrels per day for July, and narrowed to 7.7 million barrels per day for August–December, and then to 5.8 million barrels per day until May 2022. The agreement is valid until April 30, 2022, but the members will revise its extension in December 2021.

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