OPEC+ Countries Will Increase Oil Production

OPEC+ Countries Will Increase Oil Production OPEC+ countries will increase oil production. Production will be increased by 500 thousand barrels in January. The 12th OPEC+ Ministerial Meeting was held in which the energy and petroleum ministers of the 23 Organization of Petroleum Exporting Countries (OPEC) member countries some non-OPEC oil producing countries met by videoconference. In the statement made by OPEC after the meeting, it was reported that OPEC+ countries will reduce the oil production cut by 500 thousand barrels per day for January. Accordingly, the current production cut of 7.7 million barrels per day has been reduced to 7.2 million barrels. It was stated that the ministers of OPEC+ countries will meet regularly every month from next month to evaluate the market conditions, and the production increase will be determined to not exceed 500 thousand barrels per day. Speaking at the end of the meeting, Deputy Prime Minister of Russia Aleksandr Novak stated that they agreed to hold a meeting at the beginning of each month and that the next production arrangement would be decided in the meetings held in January, February and March. Novak said this allows a more precise and accurate response to the monthly demand.