OPEC+ plans gradual recovery of production volumes

OPEC+ discussions on the deal parameters from 2021 now boil down to proposals for a gradual easing of the decline in oil production over several months..

According to Report, it was reported to Bloomberg by one of the delegates of the Alliance.

"OPEC + discussions are now focusing on proposals to ease production cuts over several months gradually," the delegate said. However, he did not disclose the terms and parameters of a possible easing.

Notably, now OPEC+, according to the deal that started in may, reduces oil production by 7.7 million barrels per day. It is further assumed that from January 2021 to the end of April 2022, OPEC+ will reduce oil production by 5.8 million barrels per day. The Alliance is thinking of postponing this step for some time, but there is no consensus yet.

After a two-day break following an inconclusive OPEC meeting, the OPEC+ countries will meet again at the negotiating table on December 3 via videoconferencing. Members of the Alliance must finally decide on the deal's parameters to reduce production for 2021.