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December 4, 2020
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OPEC Plus passes a resolution to cut 7.2 million barrels of oil production starting in January next year.
Oil exporting countries (OPEC) and allies O OPEC Plus It resolved to reduce oil production by 7.2 million barrels / day. The current level of 7.7 million barrels / day was completed yesterday. It will be effective from January of next month.
The decision indicates that there will be 500,000 barrels / day of crude oil from the OPEC Plus group flowing into the world oil market.
The OPEC Plus meeting agreed to hold monthly meetings of energy ministers starting in January next year. Decide on adjusting the production ceiling for the next few months by adjusting the production ceiling each month to no more than 500,000 barrels / day.
OPEC Plus also decided to extend the time for members to cut oil production to make up for excess production until the end of March next year. To generate confidence that the OPEC Plus member countries will be able to cut production to fully compensate for the excess capacity in recent months.
OPEC Plus previously decided to cut production by 7.7 million barrels per day through the end of 2020 and beyond. It will reduce production by just 5.8 million barrels / day from January. This will bring an additional 2 million barrels / day of OPEC Plus crude oil to the world oil market.
