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OPEC + Countries are in Favor of Prolonging Oil Production Cuts
16.11.2020 23:21
OPEC + Countries are in Favor of Prolonging Oil Production Cuts

Today, November 16, a regular meeting of the OPEC + technical committee took place. According to Reuters sources, most of the organization's member countries support an extension of oil production cuts at current levels.

      Bloomberg sources clarified that at the meeting, the experts of the technical committee suggested that the ministers consider the possibility not to increase oil production from January 2021, but to postpone the increase by three to six months. Experts explain the extension of quotas by the very slow recovery of the industry from the consequences of the COVID-19 coronavirus pandemic. According to RIA Novosti's interlocutors, Russia is also ready to extend the existing restrictions. The existing agreement, which became the most ambitious in the history of the organization, provides for a reduction in production by 9.7 million barrels per second (b / d) in May-June, by 7.7 million in the second half of the year and 5.8 million b / d until the end of April 2022. Negotiations to ease the current restrictions are planned for December 1.


Author: Anna Dorozhkina

Tags: Russian oil Russia International    

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