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OPEC+ countries continue closed negotiations on February oil cuts

According to TASS sources, Russian Deputy Prime Minister Alexander Novak and Saudi Arabian Energy Minister Prince Abdulaziz bin Salman held separate bilateral talks on Tuesday before the meeting in full force

MOSCOW, January 5. /TASS/. OPEC+ ministers have continued talks on a quota to cut oil production in February that were interrupted the day before, two OPEC sources told TASS.

On Monday, the six-hour consultations of oil exporters came to a standstill, as Russia and Kazakhstan supported restoring oil production in February by 500,000 barrels per day, while Saudi Arabia and other countries advocated extension of the current agreements for the next month. As a result, it was decided to continue negotiations on Tuesday.

According to TASS sources, Russian Deputy Prime Minister Alexander Novak and Saudi Arabian Energy Minister Prince Abdulaziz bin Salman held separate bilateral talks on Tuesday before the meeting in full force.

Earlier WSJ, citing its sources, reported that the parties approached a consensus, agreeing that production in February can be kept unchanged.

In January, the OPEC+ countries increased oil production by 0.5 mln bpd, and now the level of production reduction reaches 7.2 mln bpd. Earlier the deal participants planned to increase it every month in the amount of no more than 0.5 mln bpd. Moreover, each step in terms of the extraction must have been approved at a separate meeting. However, a new strain of coronavirus intervened in the plans of oil exporters, and has already caused a series of new lockdowns in European countries.

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