Outcomes of OPEC+ meeting

On December 3, the Ministerial meeting of OPEC+ member countries was held by videoconference.

“Following the meeting, it was decided to increase oil supply in January 2021, with a total increase in OPEC+ production by 500 thous. BPD. The total production limit of OPEC+ member countries in January 2021 will be 7.2 mln. BPD from the base level,” the Ministry of Energy stated.

The OPEC+ Agreement has a positive impact on the global oil industry, maintains the balance of supply and demand, and stabilizes the market of oil and petroleum products, the Minister of Energy Nurlan Nogayev said, representing Kazakhstan at the meeting.

For Kazakhstan, the level of obligations in January 2021 will be 1.417 mln. BPD.

Earlier it was noted that the majority of participants, including Russia, support the extension of production reduction quotas for Q1 next year.

However, UAE and Kazakhstan opposed it.

“UAE raised the issue of compensation volumes, highlighting that some of the parties to the deal did not fully adhere to their obligations under the Agreement,” official sources reported.