OPEC+ supports 0.5 mln bpd output growth since January, monthly meetings
The OPEC+ ministers approved the decision to increase oil production from January 2021 by 0.5 mln bpd, the meetings will be held on a monthly basis, two OPEC sources told, TASS reports.
"Yes, an increase of 0.5 mln bpd as supported. The meetings will be held monthly to monitor the market situation. Starting from January, the increase will be 0.5 mln bpd, depending on market conditions," the sources said.
The next OPEC + meeting will be held in early February, another source added.
Thus, in January, OPEC+ countries will cut production by 7.2 mln bpd, not 7.7 million bpd, like before the end of this year.