Oil Price Grows amid Expectations of OPEC+ Decisions
OREANDA-NEWS. The cost of the March futures contract for Brent crude oil at the London Intercontinental Exchange grew by 2.95 %, to 53.33 US dollars per barrel. WTI crude oil’s price increased by 1.15 %, to 49.19 dollars.
On January 4, ministers of OPEC+ countries meet to determine the level of oil production for February. At a previous meeting, on December 3, 2020, they agreed to gradually restore production of raw materials starting from January in the amount of no more than 0.5 million barrels per day (bpd) every month. Each subsequent increase should be approved at a separate meeting. In total, OPEC+ plans to restore oil production by almost 2 million bpd during the first months of 2021.
In May 2020, when the implementation of the deal concluded by the community began to work, the countries reduced oil production by 9.7 million bpd, since August this quota has softened to 7.7 million bpd.