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OPEC+ monitoring committee issues no production recommendations for February - sources

5 January 2021 10:38 (UTC+04:00)
OPEC+ monitoring committee issues no production recommendations for February - sources

By Trend

A two-hour meeting of the OPEC+ monitoring committee has ended without releasing any recommendations on oil production for February, three sources with the OPEC told TASS on Monday, Trend reports.

"It has ended without any recommendations," one of the sources said.

The other two confirmed it adding that the issue would be, however, discussed at the OPEC and non-OPEC Ministerial Meeting later in the day.

The OPEC+ technical committee usually holds consultations before a meeting of the Joint Ministerial Committee. Ministerial experts draft analytical reports on the oil market, which is to be considered at a ministerial meeting, and can come up with various scenarios of the future steps and their possible consequences for the market.

Relying on the technical committee’s reports, the Ministerial Monitoring Committee, comprising eight member states, draws up recommendations for all OPEC+ members.

On December 3, 2020, at the previous meeting OPEC+ nations agreed to start gradually boosting oil production by not more than 500,000 barrels per day in January. The group agreed to convene monthly meetings to negotiate the further growth. For this reason, the OPEC+ ministers are scheduled to meet once a month in the coming months, but not twice a year as they did before.

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