Azerbaijan has supported the decision to increase daily crude oil output by 400,000 barrels per month in August-December 2021, and to extend the Declaration of Cooperation until the end of 2022, with partial adjustments to the base level of oil production from May next year, at the 19th Ministerial Meeting of OPEC and non-OPEC countries.

The OPEC+ talks on production cuts in February have been postponed until Tuesday, January 5, since the six-hour ministerial meeting failed to yield an agreement, three participants in the meeting told TASS, Trend reports citing TASS.

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.

The OPEC+ ministers approved the decision to increase oil production from January 2021 by 0.5 mln bpd, the meetings will be held on a monthly basis, two OPEC sources told, Trend reports citing TASS.

OPEC and Russia resume talks on Thursday in a bid to define policies for 2021 after an initial round of discussions this week failed to bring a compromise on how to tackle weak oil demand amid a second coronavirus wave, Trend reports citing Reuters.

OPEC+ countries reached an agreement to continue executing the deal in full scope, with the next meeting of the ministerial monitoring committee to be held this November, Russian Energy Minister Alexander Novak said in an interview with the Rossiya-24 TV Channel, Trend reports citing TASS.

Compliance with oil production cuts in August among OPEC+ members was seen at around 101 percent, three OPEC+ sources told Reuters on Wednesday, Trend reports.

OPEC oil producers and allies such as Russia, a grouping dubbed OPEC+, meets on Wednesday to review compliance with oil cuts meant to support oil prices amid the coronavirus pandemic, Trend reports with reference to Reuters.

Oil slipped nearly 1% on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices, Trend reports with reference to Reuters.

Oil futures dropped on Wednesday, extending losses from the previous day, after U.S. crude stockpiles grew more than expected, adding to worries about oversupply.