OPEC+ monitoring committee postpones meeting on oil production cuts deal in 2021 to Sunday

Nov 28, 2020

National
OPEC+ monitoring committee postpones meeting on oil production cuts deal in 2021 to Sunday

Washington DC (USA) Nov 28: Informal consultations of the OPEC+ Joint Ministerial Monitoring Committee have been postponed from Saturday to Sunday, a source in one of the delegations told TASS on Friday.
The online meetings was initially scheduled for November 28 but, according to the latest reports, the minister will gather on Sunday to discuss recommendations on oil production levels in the first months of 2021.
The committee failed to agree such a recommendation at its regular meeting on November 17 and took a time out ahead of an OPEC+ ministerial meeting due to take place on November 30 - December 1. The meeting is expected to yield a decision on whether the current level oil production cuts of 7.7 million barrels a day should be extended to the first months of 2021. The ministers are looking at two options of prolongation, either for three of for six months.
According to TASS sources, there is no consensus among the OPEC+ nations on the extension period. Middle East members of the alliance insist the quotas be extended for at least three months.
Under the OPEC+ deal that came into force on May 1, the member nations cut their oil production by 9.7 million barrels a day in May-July. The deal will stay in force for two years but daily cuts in a period from August to December 2020 are to be 7.7 million barrels, and 5.8 million barrels in a period from January 2021 to April 2022.
Source: TASS