Opec-plus to increase crude oil production by 500,000 barrels per day from January
New Delhi: The Organization of the Petroleum Exporting Countries (Opec)-plus grouping on late Thursday decided to increase the crude oil production by 500,000 barrels per day from January.
Starting next month, the Opec-plus arrangement comprising of 23 countries including Russia and allies will increase production, resulting in a reduced production cut to 7.2 million barrels per day (mb/d) from the current levels of 7.7 mb/d. The decision to gradually return the 2 mb/d to the global market is expected to help India—the world’s third-largest oil importer.
“In light of the current oil market fundamentals and the outlook for 2021, the Meeting agreed to reconfirm the existing commitment under the DoC (Declaration of Cooperation) decision from 12 April 2020, then amended in June and September 2020, to gradually return 2 mb/d, given consideration to market conditions,” Opec said in a late-night statement after the12th Opec and non-Opec ministerial meeting.
