OPEC + countries agree to increase oil production from January by 0.5 million barrels per day

06:35 06.12.2020 3802


OPEC+ ministers on Thursday approved the decision to increase oil production from January 2021 by 0.5 million barrels per day, meetings will be held on a monthly basis, sources in OPEC said, TASS reports.

 "Yes, we supported an increase of 0.5 million barrels per day. The meetings will be monthly to monitor the market situation. Starting from January, the increase will be by 0.5 million barrels per day, depending on market conditions," they said.

 In total, in January, OPEC+ will reduce production by 7.2 million barrels from the level of October 2018, while the original terms of the deal assumed a reduction of 5.8 million.

 "The market is delighted that OPEC+ has made the decision to proceed with caution and in small steps. That sounds reasonable given the uncertainty ahead. The fact is that as oil prices rise, the desire to limit supply weakens", - IHS Markets analyst Victor Shum told Bloomberg.

 On Friday, the oil market was optimistic due to the results of the OPEC + meeting held on Thursday.  In the morning, oil prices showed steady growth: the price of Brent approached $ 50 per barrel.  The price of February futures for North Sea oil mixture of Brent rose by 1.95% - up to 49.66 dollars per barrel, January futures for WTI - by 1.69%, up to 46.41 dollars per barrel.

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