The OPEC + ministers approved the decision to increase oil production from January 2021 by 0.5 million barrels per day, meetings will be held in a monthly format to monitor the market situation, sources in OPEC and the Ministry of Energy of Kazakhstan report.
“Starting in January, the increase will be 0.5 million barrels per day, depending on market conditions,” the source said.
At the same time, the total limitation of production for the OPEC + member countries in January will be 7.2 million barrels per day.
The OPEC + agreement has a positive effect on the global oil industry, maintains the balance of supply and demand, and stabilizes the oil and oil products market, stressed the Minister of Energy of Kazakhstan Nurlan Nogayev, who was present at the meeting.
“Storm” the oil market began on March 6, when the participants in the OPEC + meeting could not come to a common decision. After that, oil prices fell by 30%.