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Oil prices growing on expectations of OPEC+ decisions

15:59, 04 January 2021
Oil prices growing on expectations of OPEC+ decisions Photo: Sergey Lantyukhov/NEWS.ru

March futures of Brent crude oil are growing on the London ICE exchange by 1.62 percent to $52.64 per barrel, according to the trading floor data as of 14:38 Moscow time.


At its peak, the cost of a barrel of this North Sea mixture increased by 2.95 percent to $53.33. This is while WTI oil was trading at $49.19 per barrel (+1.15 percent).

The OPEC+ ministerial meeting is taking place on Jan. 4. The cartel has gathered to determine the level of oil production for February. Before that, they met on Dec. 3, 2020. The negotiations' result was an agreement to gradually restore the monthly production of crude oil and start from January in the amount of more than 0.5 million barrels per day.

Each subsequent increase must be approved at a separate meeting. OPEC+ intends to restore oil production by almost 2 million barrels per day during the first months of 2021. At the same time, after implementing the deal, which began in May, this quota was softened to 7.7 million barrels per day.

NEWS.ru earlier reported that the current disagreements among OPEC+ members cannot be compared with what happened in March 2020, the situation is normal, Russian Presidential Spokesperson Dmitry Peskov said.