![]() The pact aims to limit pumping for two years, with a staggered plan whose first phase (May to July) involved withdrawing 9.7 million barrels of gold from the market, nearly 10 percent of the world supply of "black gold", before moderating this cut to the current 7.7 million barrels.įrom 1 January the third and final stage was envisaged: a new moderation, to 5.7 mbd, which de facto implies a partial increase in extractions, of 1.9 mbd, which would apply until April 2022.Īccording to the Iranian oil minister, Biyan Zanganeh, although "some members" were reluctant to continue with the current cutback, "there is a relative consensus within the OPEC" to extend its validity. ![]() The markets expect that it will then be decided to maintain at least during the next quarter the cut in supplies of 7.7 million barrels per day (mbd) that has been in force since August and which would end on the 31st, according to an agreement sealed last April. The ministers of the Organisation of Petroleum Exporting Countries (OPEC) closed a telematic meeting on Monday, undecided, divided over the level of pumping that should take place from 2021, in the face of two divergent scenarios, one centred on the second wave of the pandemic and the other on vaccines against COVID-19.Ī decision on this matter was to be taken this Tuesday with the OPEC+ alliance, made up of OPEC members and independent producers, but in view of the lack of consensus and a negotiation that was expected to be long and difficult, it was decided to wait until Thursday. ![]() Sources from the Ministry of Energy of Kazakhstan told Efe that the "participants in the negotiation process decided to postpone the OPEC+ meeting to day 3". The meeting of the ministers of the OPEC+ alliance that was to be held this Tuesday has been postponed to Thursday in order to allow more consultations on the oil barrels they want to pump from 1 January, after the producers ended a telematic meeting on Monday without agreement. ![]()
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