MOSCOW (Pakistan Point News / Sputnik - 28th November, 2020) The Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing countries (OPEC+) are likely to prolong the current oil output caps for two or three months, media reported.
The deal has not been reached yet, and some matters related to several countries' compliance with the agreement could prevent the OPEC+ countries from concluding an agreement during the next week's online negotiations, The Wall Street Journal reported on late Friday.
The recent increase in oil prices may also result in some countries' wish to produce more oil.
The current OPEC+ agreements started in May with a reduction in oil production by 9.7 million barrels per day compared to October 2018 for three months. Since August, the alliance has continued to cut output, but less - by 7.7 million barrels per day until the end of the year, and then - by 5.8 million until the end of April 2022.
