Report: OPEC+ talks focus on gradual easing of restrictions

MOSCOW, Dec 3 (PRIME) -- The OPEC+ states discuss gradual easing of output restrictions within several months from 2021, Bloomberg reported on Thursday quoting one of the alliance’s delegates.

“Discussions are now focusing on the proposals of a gradual easing of output cuts over several months,” a delegate said, as quoted by Bloomberg.

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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