Report: OPEC+ inclines to approve 500 bpm output rise from Jan

MOSCOW, Dec 3 (PRIME) -- OPEC and its allies can approve raising the oil output by up to 500 barrels per day (bpd) from January, the Wall Street Journal reported on Thursday, citing sources with knowledge of the situation.

"The Organization of the Petroleum Exporting Countries and its allies are closing in on an agreement to modestly boost their collective oil output by as much as 500,000 barrels a day starting next month, people familiar with the matter said. The agreement would mark a compromise among some of the world’s biggest producers as they meet later Thursday to formalize a deal," the newspaper said.

The OPEC+ countries agreed to reduce their oil output by 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, fell to 7.7 million barrels per day for August–December, and 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.

The ministers of the OPEC+ countries were to discuss the deal on Tuesday, but failed to find a consensus, and delayed it to Thursday.

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