Economy

Last-minute OPEC members consultations on oil production restrictions | Financial

The OPEC countries and allies (OPEC +) will formally meet next week. For the time being, the aim is to increase production of nearly 2 million barrels of oil per day in January. Earlier this year, the countries had cut production significantly to support oil prices that were hit hard by the corona crisis.

The markets generally allow for a postponement of the production increase by a few months. That decision is by no means certain. There is criticism from Iraq, Nigeria and the United Arab Emirates, among others.

Oil prices have been on the rise again in recent times, thanks to the economic recovery from the crisis and also the hope of a fast corona vaccine. On the other hand, there are concerns about the rising number of infections and new lockdowns in many countries that could undermine the recovery of the oil market.

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