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

01:35 06.12.2020 3284

https://www.oilgas.gov.tm/storage/posts/1235/original-15fca23b6122ce.jpeg

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.

Other articles
15f3a1e0230338.jpeg
The results of the development of the fuel and energy complex for January-July of this year were discussed at a government meeting

Last Friday, President Gurbanguly Berdimuhamedov held a meeting of the Cabinet of Ministers via digital video communication, at which the results of the development for seven months of the year of all sectors of the national economy, including the fuel and energy complex of Turkmenistan, were discussed.


160b727d3025a2.jpeg
The head of Turkmenistan stated priorities of cooperation within the CIS

Changing world realities demand from the CIS a timely and adequate response, embedding in new coordinates of interaction. It was stated by the President Gurbanguly Berdimuhamedov in an interview to the International Television and Radio Company «Mir», answering a question about the prospects for Turkmenistan's cooperation within the Commonwealth.


1612c78db50090.png
Gasoline produced by TCOR is among the export transactions on the exchange of Turkmenistan

12 transactions were registered at the State Commodity and Raw Materials Exchange of Turkmenistan last week.


161f374d39b308.jpeg
In the Central building of the oil and gas complex of Turkmenistan a conference was held

On January 26, President Gurbanguly Berdimuhamedov held a working meeting with the participation of the leaders of the financial, economic and oil and gas complexes, at which the tasks for the further economic development of our independent state in 2022, as well as development issues in accordance with the realities of the time of the regions and improving the welfare of the people, were discussed.


163ce37b7d8686.jpeg
Gurbanguly Berdimuhamedov is recognized as the national leader of the Turkmen people

Hero of Turkmenistan, Honorary Elder of the people, Chairman of the Halk Maslahaty of Turkmenistan Gurbanguly Berdimuhamedov is officially recognized as the national leader Turkmen people. The Constitutional Law of Turkmenistan “On the National Leader of the Turkmen People” was adopted following the results of the joint meeting of Milli Gengesh chambers held on Saturday in Ashgabat and representatives of the public.