Economy

OPEC advice: postpone opening the oil tap by 3 to 6 months | Financial

This advises a technical panel of the oil cartel to the policymakers of the OPEC + as that alliance is called.

The oil cartel, led by Saudi Arabia, and other oil producers such as Russia are holding a meeting at the end of this month to decide on production. For the time being, the aim is to increase production of nearly 2 million barrels of oil per day in January. Pre-consultation will take place on Tuesday.

Earlier this year, OPEC + had cut production considerably to support oil prices that were hit hard by the corona crisis. Oil prices have been on the rise again recently, thanks to the economic recovery from the crisis and also the hope of a speedy 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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