DUBAI/LONDON/MOSCOW (Reuters) – OPEC members have reached a consensus on the need to extend existing oil production cuts for three months from January and will work on convincing their allies in the wider OPEC+ group to support such a move, Algeria’s minister said on Monday.
Algerian Energy Minister Abdelmadjid Attar, holder of OPEC’s rotating presidency, was speaking shortly before OPEC ministers began talks to discuss a policy that would help producers cope with weak demand in 2021 due to the coronavirus crisis.
“There is consensus at the OPEC level … on extending the current 7.7 million barrels per day (bpd) cuts until … the end of March,” Attar said, according to Algeria’s state news agency.
