OPEC+ monitoring committee to hold consultations on November 28 prior to main meeting

OPEC+ monitoring committee to hold consultations on November 28 prior to main meeting
  • Clock-gray 15:37
  • calendar-gray 27 November 2020

Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman will hold informal consultations with members of the OPEC+ monitoring committee on November 28, two sources in OPEC said, APA reports citing TASS.

Those will be the last talks between members of the committee before the ministerial meeting of OPEC+ nations scheduled for November 30 - December 1.

No consensus has been reached by participating countries on the issue of extension of the current output reduction level yet, according to the source.

At a previous meeting on November 17 the ministers of the monitoring committee failed to render a recommendation on production levels for the first months of 2021 ahead of the ministerial conference. The main options suggest that the OPEC+ either increases crude production by 1.9 mln barrels per day starting January 1 as it was planned in April 2020, or maintains the current level of output cuts due to a second wave of the coronavirus at least by the end of March.

Ministers decided to take time out to see how the lockdowns situation would unfold in the two weeks before the main meeting, sources said earlier. The OPEC+ feared that output recovery starting January might lead to reserves growth in case of weak oil consumption.

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