The Organization of Petroleum Exporting Countries OPEC, together with its allies in the bloc known as OPEC Plus, has developed scenarios that include cutting production by 0.5 million barrels per day in February.
According to Reuters, an organization document showed that the countries with extra production in OPEC + will submit a compensation plan to the OPEC secretariat by January 15.
She also indicated that the date of the OPEC + Ministerial Technical and Monitoring Meeting on the second and third of February.
OPEC + will resume talks today, Tuesday, to reach oil production levels in February, amid Saudi support for not pumping more crude due to new closures linked to the Coronavirus, at a time when Russia returns calls to increase production, indicating a recovery in demand.
and the unusual decision was taken to extend the OPEC Plus negotiations to a second day after a three-hour discussion at a virtual meeting of the OPEC Plus group that includes members of other OPEC producers, including Russia . It is scheduled to resume negotiations at 1430 GMT on Tuesday.
OPEC + sources told Reuters that Russia and Kazakhstan supported an increase in production, while Iraq, Nigeria and the United Arab Emirates suggested keeping production stable.
The Secretary-General of the Organization of Petroleum Exporting Countries Muhammad Barkindo warned on Sunday OPEC + experts of downside risks facing the oil market. Saudi Energy Minister Prince Abdulaziz bin Salman said earlier that the OPEC + group should be vigilant and cautious despite the generally optimistic market environment because the demand for fuel is still fragile and the consequences of the new surge of Corona virus cannot be predicted.
