MOSCOW, November 18. /TASS/. Ministers of the OPEC+ monitoring committee that postponed issuing recommendation on oil production cuts in 2021 at a Tuesday meeting, will discuss the issue in the coming two weeks with all countries participating in the deal, a source in OPEC told TASS.

Uncertainty around COVID-19 was the main reason why the ministers decided to take time out, he said. "They want to see how the situation will unfold within those two weeks. They may recommend extension by three months now, though if everything gets only worse by December 1, they will have to opt for six months," the source explained.

"They want to have consultations with all participating countries on the issue by December 1," he added.

Initially the agreement on crude output reduction stipulated that cuts would be eased starting January 1, 2021, enabling the participating nations to boost production by 1.9 mln barrels per day. As a result, 5.8 mln barrels per day would be reduced instead of the current 7.7 mln barrels per day. However, due to the serious scale of a second wave of the coronavirus and new lockdowns, OPEC+ is considering extension of the existing reduction parameters by 3-6 months.

The monitoring committee was to issue a respective recommendation at a meeting on November 17, however, it was decided to announce it at a meeting on December 1, 2020. The ministerial conference of all OPEC and non-OPEC states is scheduled for that day. After considering the recommendation of the monitoring committee, they are expected to announce a final decision on production cuts in the first months of 2021.