Opec members have reached a consensus on the need to extend existing oil production cuts for three months from January and will work on convincing their allies in the wider Opec+ group to support such a move, Algeria’s minister said on Monday.
Algerian energy minister Abdelmadjid Attar, holder of Opec’s rotating presidency, was speaking shortly before Opec ministers began talks on production levels. “There is consensus at the Opec level on extending the current 7.7 million barrels per day (bpd) cuts until ... the end of March,” Attar said.
Opec+ had been due to ease production cuts by 2 million bpd from January. But, with demand still under pressure,
Opec+ has been considering extending existing cuts into the first months of 2021, a position backed by Saudi Arabia, sources said.