OPEC+ monitoring committee meeting yields no consensus
- 30 November 2020
Sunday’s informal consultations of the OPEC+ ministerial monitoring committee yielded no consensus on oil production levels to be recommended to the OPEC nations in the first months of 2021, a source in the organization told TASS, APA reports.
"The meeting is over," the source said, adding that consultations and talks will be continued.
According to Bloomberg, some committee members object against postponement of cuts easing from January 2021 to a later date.
The online meeting, initially scheduled for November 28, was geared to discuss recommendations on oil production levels in the first months of 2021. Under the OPEC+ deal that came into force on May 1, the member nations cut their oil production by 9.7 million barrels a day in May-July. The deal will stay in force for two years but daily cuts in a period from August to December 2020 are to be 7.7 million barrels, and 5.8 million barrels in a period from January 2021 to April 2022. However, in the wake of the second wave of the novel coronavirus pandemic and new lockdowns, many OPEC+ nations, mainly the Middle East countries, insist that cuts decrease be postponed by three or six months.
The monitoring committee’s recommendation is to be considered at an OPEC ministerial meeting due to begin on November 30, in the second half the day. So, the ministers have several hours for consultations.