The OPEC + Technical Committee suggested that the ministers consider delaying the growth of oil production by 3-6 months. - MASS MEDIA

02:41 19.11.2020 3594

On Tuesday, the ministers of the OPEC + monitoring committee will consider the prospects for the oil market and the possibility of postponing the planned increase in oil production by 2 million barrels per day from 2021 for 3-6 months, INTERFAX  reports.

Experts of the OPEC + technical committee at a meeting on Monday suggested that ministers consider the possibility of not increasing oil production, as it is expected from January 2021, but postponing the increase by 3-6 months, Bloomberg writes, citing unnamed delegates.

Experts see risks for the oil market as the recovery is slower than expected.

The countries of OPEC and non-OPEC in April of this year decided on an unprecedented agreed reduction in oil production after a quarter of oil demand fell due to the COVID-19 pandemic.

The decision was taken immediately for two years, but with a gradual increase in production. So, if in May-June the reduction was supposed to be 9.7 million barrels per day to the level of October 2018 (while for Russia and Saudi Arabia separate reference bases were adopted - 11 million b / d), then from July it was assumed by 2 million b / d (this increase was postponed to August), and from January 2021 - by another 2 million b / d, keeping this level until May 2022.

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