The OPEC+ alliance of oil producing countries so far has only one option on the agenda of the ministerial meeting, which consists of easing the current oil output cuts by 0.5 million barrels a day starting from January 1, a source in one of the delegations told Sputnik on Thursday
MOSCOW (Pakistan Point News / Sputnik - 03rd December, 2020) The OPEC+ alliance of oil producing countries so far has only one option on the agenda of the ministerial meeting, which consists of easing the current oil output cuts by 0.5 million barrels a day starting from January 1, a source in one of the delegations told Sputnik on Thursday.
Earlier in the day, the OPEC+ energy ministers started their meeting, which was postponed from Tuesday amid the differences within the alliance on the future oil cuts. The ministers now have to decide whether to extend the existing cuts of 7.7 million barrels per day or ease the oil output cuts. Under the terms of the agreement, they were expected to be eased to 5.8 mbd, however the second wave of COVID-19 has led to the OPEC+ reconsidering the volume of the oil cuts.
"This is only a proposal so far, it has not yet been agreed upon by everyone. The option consists of a monthly increase in oil production by 500,000 barrels per day, starting from January," the source said.
When asked whether there are any other oil cuts options on the agenda of the meeting, the source has replied "this is the only one at the moment."
