OPEC+ agrees to increase output by 500,000 barrels a day in Jan 2021
Vienna [Austria], December 4 (ANI/Xinhua): The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries decided at a meeting on Thursday to increase oil production by 500,000 barrels per day (bpd) in January 2021.
In light of the current oil market fundamentals and the outlook for 2021, OPEC+ agreed, beginning in January 2021, to adjust production by 500,000 bpd, according to an OPEC statement released after the 12th OPEC and non-OPEC Ministerial Meeting.
It means the group would move to output curbs by 7.2 million bpd early next year, compared with current cuts of 7.7 million bpd.
The oil group also agreed to hold monthly ministerial meetings, starting January 2021, to decide on further production adjustments for the following month, with monthly adjustments being no more than 500,000 million bpd.
