Ministerial meeting of OPEC+ will be held in December in Vienna

Министерское заседание стран ОПЕК+ пройдет в декабре в Вене

The next Ministerial meeting of member countries of the Organization of petroleum exporting countries (OPEC) and countries that are not members of this oil cartel, will take place in Vienna on 1 December 2020.

This was reported in the press service of OPEC by results virtual Ministerial meeting of OPEC + on Saturday, according to UKRINFORM.

“During the meeting, it was decided that the Ministerial meeting of OPEC member countries and countries not members of OPEC will be held on 1 December in Vienna (Austria),” – said the press service.

In the course of a virtual meeting of the Ministers in the format of OPEC + on Saturday a decision was made to extend the arrangements under the April agreement OPEC +. Thus, the first stage of adjusting oil production to decrease, with the reduction of oil production to 9.7 million barrels per day (MB /s) daily during may-June, was extended until the end of July. Also countries that are unable to meet their commitments on this occasion, in may, undertook to carry their share of the reduction of oil production during July-September.

For compliance the format of OPEC + will follow the Joint Ministerial monitoring Committee, which will meet on a monthly basis until December 2020, following its meeting on 18 June.

As reported, on 12 April during the Ministerial meeting of the countries-exporters of oil in the OPEC format + it was decided to adjust downward the total oil production of 9.7 MB / s from 1 may 2020. It was planned that this first period will last two months and ending June 30, 2020.

For the next period, from 1 July 2020 to 31 December 2020, total agreed reduction in oil production was in the range of 7.7 MB / s. According to the agreement then was to come the third period, which included a reduction in production at 5.8 million barrels per day for 16 months, from 1 January 2021 April 30, 2022