OPEC+ ministers will hold a videoconference on Thursday to discuss oil production levels in January amid the emergence of the new coronavirus variant and an expected oil oversupply. So far, oil exporters, which account for around 40% of world oil output, have been recovering oil production at an equal pace since August, APA reports citing TASS.
The members of the OPEC+ agreement, which have been jointly regulating production volumes for five years, have been convening monthly online since May 2020 - such frequent meetings are necessary to ensure that the level of monthly oil output is in line with the market needs.
When the demand for oil began to recover in the spring of 2021, the countries of the Vienna Alliance agreed to gradually lift restrictions on oil production, which they voluntarily took up a year ago. Since August, they have been adding 400,000 bpd per month. This plan is valid until the end of December. Thus, in December they will reduce only 3.759 mln bpd against the base level. It was planned to restore production at the current pace at least until the spring of 2022.