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OPEC+ ministers start final round of talks on February production

04 January 2021 20:38 (UTC +04:00)

The OPEC and non-OPEC Ministerial Meeting has begun as a video conference after the monitoring committee failed to issue recommendations on oil production volumes for February 2021, according to live webcast on the organization's site, APA reports.

Oil exporters should decide at the Monday meeting whether they will continue the production recovery started in January. Under the December agreements, OPEC+ members could start boosting oil production in January, but not more than 0.5 million barrels per day.

The new COVID variant, which triggered new lockdowns across Europe and created a domino effect in the declining mobility and oil consumption, could block the next relaxation of oil cuts.

According to TASS sources, most of the OPEC+ countries call for crude output to stay flat at 7.2 million barrels per day in February. Russia has a different position, they told TASS.