OPEC+ may extend oil production cuts in 2021

OPEC+ has not yet begun to discuss possible responses to the deteriorating situation in the oil market due to the second wave of Covid-19 and the increase in production in Libya. Although the option to extend the current production cut already has supporters, Angi reports.

“There are no formal discussions on how to build a mining policy in 2021 yet. It's too early," one of the interlocutors of TASS said, commenting on the statement made the day before by the Minister of Oil of Kuwait Khaled Ali Al-Fadhel. He said the emirate would support any OPEC+ mining decisions for future periods.

“But some countries support the idea of ​​extending current production levels beyond 2020. I think that if the economic situation remains the same and the situation with the coronavirus deteriorates, we will most likely extend the deal until 2021,” another source said.

As reported, at the end of October the oil market showed the maximum decline since May.

Tags: oil production, coronavirus, OPEC+, price, petroleum products, pandemic, COVID-19, decline in production, crisis

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