OPEC, Allies Agree to Gradually Increase Oil Production From January

OPEC, Allies Agree to Gradually Increase Oil Production From January

OPEC and non-OPEC allies last Thursday approved the decision to increase oil production from January 2021 by 0.5 million barrels per day, the online newspaper of the Oil and Gas Complex of Turkmenistan reports with reference to TASS agency.

 In total, in January, OPEC+ will reduce production by 7.2 million barrels from the level of October 2018, while the original terms of the deal assumed a reduction of 5.8 million.

Last Friday, the oil market was optimistic due to the results of the OPEC + Thursday meeting.  In the morning, oil prices showed steady growth: the price of Brent approached $50 per barrel.  The price of February futures for North Sea oil mixture of Brent rose by 1.95% - up to 49.66 dollars per barrel, January futures for WTI - by 1.69%, up to 46.41 dollars per barrel.

The OPEC, founded on September 14, 1960 in Baghdad, currently includes Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela (the five founders), plus the United Arab Republic, Libya, Algeria, Nigeria, Angola, Ecuador, Equatorial Guinea, Gabon, Republic of Congo.

The Organization of the Petroleum Exporting Countries Plus (OPEC+) is a loosely affiliated entity consisting of the 13 OPEC members and 10 of the world's major non-OPEC oil-exporting nations, namely Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan. OPEC+ aims to regulate the supply of oil in order to set the price on the world market.