The OPEC+ ministers approved the decision to increase oil production from January 2021 by 0.5 mln bpd, the meetings will be held on a monthly basis, the Ministry of Energy told APA.
Azerbaijan also supported the decision to increase OPEC plus crude oil production by 0.5 million barrels in January.
"Yes, an increase of 0.5 mln bpd as supported. The meetings will be held monthly to monitor the market situation. Starting from January, the increase will be 0.5 mln bpd, depending on market conditions," the sources said.
The next OPEC + meeting will be held in early February, another source added.
Thus, in January, OPEC+ countries will cut production by 7.2 mln bpd, not 7.7 million bpd, like before the end of this year.