In January, 500,000 barrels more crude oil per day are to be produced by the member states of OPEC +
According to OPEC estimates, the fossil fuel age is far from over.
The OPEC + oil network has taken the currently applicable production cut back a little. In January, 500,000 barrels more crude oil per day are to be produced by the member states of OPEC +.
In addition, the representatives of the oil association want to hold monthly meetings in the future to discuss further production policy.
The 23 OPEC + countries had not agreed in the past few days as to the extent to which the previous strong cutbacks in oil production should be lifted in the next few months. So far, the market had expected that OPEC + would extend the subsidy cut that was decided by the end of the year without restriction by three months. Recently, however, there had been disagreements among the producing countries and a decision that was actually expected for last Tuesday was postponed.
The extension of the production cut is intended to support oil prices. With the second wave of infections in the corona pandemic, there were further restrictions on public life in leading industrialized countries. The crisis has caused the demand for oil to collapse worldwide. The OPEC + alliance has been responding for several months with an unprecedented cut in production. Temporarily around ten million barrels (159 liters) less were pumped out of the ground per day. This production cut is now to be cut back by around half at the turn of the year and the oil tap is to be turned on a little further.