OPEC+ countries reached agreement on the terms of the deal for February and March. Russia and Kazakhstan, which has raised the issue of increasing oil production, were able to receive a positive response to their request.
“Following the OPEC+ meeting, the countries participating in the agreement decided to extend the current level of oil production cuts for February and March 2021. At the same time, separate conditions were agreed for Kazakhstan and Russia, providing for a phased increase in production in this period by 10,000 and 65,000 barrels per day, respectively. Thus, obligations for Kazakhstan under OPEC+ in February and March will amount to 1.427 million barrels per day and 1.437 million barrels per day, respectively,” the press- service of the Kazakhstan’s Energy Ministry said.
Energy Minister Nurlan Nogayev noted during his speech at the meeting that the joint efforts made by the countries participating in the OPEC+ agreement in 2020 were able to stabilize prices in the world oil markets. To date, the current agreement continues to give a positive impetus to the oil industry, the minister said.
The ministerial meeting of the countries participating in the OPEC+ agreement was held in the format of a video conference.
The price of WTI crude rose above $50 a barrel for the first time since February last year in trading on January 5 on news that OPEC+ countries have agreed on oil production levels for February.