Oil: Further price support measures are being considered by OPEC and allies

The Organization of the Petroleum Exporting Countries (OPEC) and its allies began meetings today, Monday, to discuss further measures to support the oil market in 2021 as the second wave of the coronavirus negatively affects demand and prices. OPEC and allies led by Russia, also known as OPEC +, were set to increase production by 2 million barrels a day in January as part of a gradual easing of cuts in record crude supply. With oil prices weakening, however, OPEC + is considering delaying this increase or making further cuts. Maintaining cuts for another 3 to 6 months A scenario that is gaining support under OPEC + is to maintain its cuts. 7.7 million barrels per day for another three to six months, OPEC + sources said, instead of falling to 5.7 million barrels in January as originally agreed. “A weaker demand and increase in Libyan production,” said an OPEC source. Two OPEC committees will meet online this week: The Joint Technical Committee kicks off today The Monitoring Committee, which may recommend policy measures to OPEC +, meets tomorrow, Tuesday. Algeria, which now holds the chairmanship of OPEC, has supported the extension of the existing cuts and the largest six Saudi Arabia has said that the OPEC + agreement could be “slightly modified” if necessary. Source: ΑΠΕ-ΜΠΕ- ReutersFollow it on Google News and be the first to know all the newsSee all the latest news from Greece and the World, at

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