OPEC+ members resumed talks about the February output

January 05, 2021
OPEC+ members resumed talks about the February output

Disagreements between member countries have an impact on the oil price

After a day when OPEC and Russia could not reach common ground regarding the production for February, talks resumed today at 2:30 PM GMT.

The lack of agreement was caused by the fact that multiple countries, including Saudi Arabia, are looking to cut the output to less than 500,000 barrels per day or to even keep the production at the same level as now. On the other hand, Russia put aside the uncertainties brought by the new wave of COVID-19 and is looking to increase the daily production.

After the clashes became public, Brent oil price lost 1.4%. However, today – 5th January - it went up to $51.60 per barrel, erasing some of yesterday’s losses.

Sources: reuters.com, edition.cnn.com

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