MOSCOW, Dec 3 (PRIME) -- OPEC+, which is meeting on Thursday, is leaning towards an oil cuts rollover with a gradual increase in oil output over the coming months, Reuters reported on Thursday, citing two OPEC+ sources.
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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