OPEC + announces first Ministerial Monitoring Committee meeting in 2021

The next meeting of the OPEC + Ministerial Monitoring Committee will be held on January 4 next year, Report says, citing Bloomberg.

Earlier, committee members agreed to hold monthly meetings to approve increased production by another 500,000 barrels per month.

At the meeting held on April 12 this year, it was decided to rise production from January 2021 to the end of April 2022 by 1.9 million barrels compared to August-December this year. Thus, in comparison to the level of October 2018, OPEC countries' production will be 4,564,000 barrels, and non-OPEC countries - 2,636,000 barrels.

According to the new Cooperation Declaration, from January 2021, Azerbaijan's share in production reductions will be 123,000 barrels. In other words, starting from January, Azerbaijan must increase by 8,000 to 595,000 barrels compared to August-December.