OPEC + discusses restrictions on oil production in 2021

OPEC + countries discuss the postponement of easing restrictions on oil production for one or two quarters of 2021, Report says, citing Bloomberg.

OPEC members are actively reviewing the idea of maintaining the existing quotas on oil production in the first months of next year. According to sources, the proposal to further reduce production has not yet received widespread support among cartel members.

The renewed OPEC+ contract to reduce oil production has been in force since May. The first phase of the agreement, which decreased the Alliance's daily output by 9.7 million barrels, ended in August. From September to the end of the year, the decline will be 7.7 million barrels per day. From January 1, 2021, the limits should be 5.8 million barrels per day.

The agreement is valid until April 2022, and the terms can be revised in December 2021.