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Opec + only cautiously opens the oil tap

2020-12-04T18:25:00.918Z

The oil cartel Opec and its partner countries are increasing production a little. However, the increase in production is significantly smaller than originally planned.



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Distribution cross of an oil pipeline in Libya (archive picture)

Photo: DB Wintershall / picture alliance / dpa

The oil cartel Opec and its ten cooperation partners want to produce a little more oil again soon.

From January, the recently sharply reduced production should be increased by 500,000 barrels (159 liters each) per day, announced the Kazakh energy ministry after the half-year meeting of the so-called OPEC +.

In addition, the participating countries agreed to hold monthly ministerial meetings starting in January 2021 to monitor the current situation in the oil market and to determine the further extent of the restrictions.

Opec + reacts to uncertainties on the oil market, but also to hopes that the corona crisis could soon be overcome by vaccines.

As a result, oil demand should slowly recover.

According to the original plans, Opec + wanted to produce almost two million barrels a day more oil from January than it currently does.

The collapse of the global economy caused by the corona crisis put oil prices under massive pressure.

In the middle of the year, Opec + decided to cut production by almost ten million barrels (159 liters each) a day.

The oil price is still relatively low.

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ssu / dpa

Source: spiegel

All business articles on 2020-12-04

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