OPEC+ ministers adjourn without deal on February production levels

Members of the OPEC group of oil producers and their partners ended discussions on Monday without agreement on production levels for February, with talks expected to restart on Tuesday at 1430 GMT.

The OPEC+ ministerial meeting came after the Covid-19 pandemic tanked the market for crude in 2020.

Despite a slight recovery of prices towards the end of last year, the 13 members of the Organisation of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and their ten allies, led by Russia, are still suffering under a highly volatile market.

After their last videoconference summit, held from November 30 to December 3, the OPEC+ members agreed to raise production levels by half a million barrels per day in January.