OPEC+ confirms production increase by 500 bpd

The Organization of Petroleum Exporting Countries (OPEC+), at the last summit, agreed to increase oil production by 500,000 barrels per day (bpd) from January, according to Russian Energy Minister Alexander Novak. The meeting was to take place last Tuesday (01), but the negotiations were postponed by two days so that ministers had more time to reach an agreement.

With this decision, the reduction in supply will fall from 7.7 billion bpd to 7.2 billion bpd. According to Novak, Moscow will be responsible for 125,000 bpd of the increase planned for 2021. He added that OPEC+ plans to hold meetings every month to monitor the market situation.

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