Members of the OPEC group of oil producers and their partners will meet via videoconference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year.
The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between Saudi Arabia and Russia.
Despite a pick up in prices towards the end of last year, the market levels for black gold remain uncertain.
After their last summit, from November 30-December 3, the OPEC+ members agreed to increase production by half a million barrels per day in January.
