OPEC + Resume the debate on Tuesday after stumbling on February policy talks, as Russia demanded higher production while others sought to halt or even reduce production due to the new lockdown. Suggested The group, which connects other producers, including OPEC and Russia, resumed discussions at 1430 GMT after failing to reach a compromise on Monday.
OPEC + sources told Reuters that Russia and Kazakhstan had supported a 0.5 million bpd increase in production, while Iraq, Nigeria and the United Arab Emirates had suggested that production remain stable. An OPEC entry document, seen by Reuters on Tuesday, proposed a 0.5 million bpd cut in February under various scenarios to be considered in 2021, dated January 4.
The document also said that the OPEC + Joint Ministerial Committee highlighted the dangers of fish and stressed that COVID-19 containment measures are being improved across the continents, including reducing oil demand in 2021.
On Monday, Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC + should remain cautious despite the generally optimistic market environment, as fuel demand is unfair and variations of the coronavirus were unpredictable.