OPEC+ countries agree on oil deal for February and March

08:17, 06 January 2021
OPEC+ countries agree on oil deal for February and March Photo: Look Press

The OPEC+ countries, including Russia, after an unsuccessful attempt to agree on balancing world oil production, have reached an agreement on the terms of the deal for February and March 2021, RIA Novosti reports.

Russia is allowed to increase oil production through Saudi Arabia’s reducing its output, sources in the delegations said.

The current parameters of the deal will be saved in February and March for everyone except Russia and Kazakhstan, one of the sources said.

Both in February and in March, Russia will increase oil production by 65,000 barrels per day. Each of these months, Kazakhstan will increase output by 10,000 barrels per day. Thus, new commitments come into force for the Russian Federation - to produce 9.184 million barrels of oil per day in February and 9.249 million barrels per day in March under the OPEC+ deal.

Saudi Arabian Energy Minister Abdulaziz bin Salman later explained that Riyadh voluntarily decided to cut oil production in February and March by 1 million barrels per day and produce 8.125 million barrels daily. The minister added that in parallel, several OPEC+ countries would reduce production by a total of 425,000 barrels per day. 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.