OPEC+ committee did not decide on production for February

The meeting of the OPEC+ monitoring committee on Monday, January 4, ended without a recommendation on production levels for February. This was reported by three sources within the organization.

“It ended without a recommendation,” one of them said.

Two other news agency interlocutors confirmed this and added that discussions on the issue would continue at the full OPEC+ ministerial meeting.

Earlier in the day, the agency’s interlocutor said that the majority of OPEC+ member countries were in favor of extending the current level of oil production into February, with Russia holding a different position.

At the meeting of the monitoring committee it was decided whether the oil market was ready for a new increase in production by up to 500,000 bpd.

In mid-December, the OPEC reported that the forecast of growth in global oil demand in 2021 was reduced by 350 thousand barrels per day, to 5.9 million barrels.