OPEC+ Countries Agreed to Increase Oil Production from January by 0.5 Million Barrels per Day
OREANDA-NEWS. The OPEC+ countries, within the framework of the agreement adopted during the ministerial meeting on December 3, can increase oil production by 0.5 million barrels per day every month from January 2021. This was stated in an interview by Russian Deputy Prime Minister Alexander Novak with the TV channel Russia-24.
“The compromise lies in the fact that we gradually, in equal steps, restore production to the level stipulated by the agreement. I hope that this happens within a quarter. We are adding 500 thousand barrels,” the politician said. Novak added that in this way, by April, OPEC+ will be able to reach the previously agreed increase in oil production by 2 million barrels per day.
According to the Deputy Prime Minister, in accordance with the new OPEC+ agreements, ministerial meetings with the participation of all countries will be held once a month.