13th Ministerial Meeting of OPEC + group ends.
The 13th Ministerial Meeting, in which the energy and oil ministers of 23 OPEC + group member countries came together via video conferencing, ended.
The OPEC + group met yesterday, using videoconferencing, to assess the market conditions and discuss the amount of production cuts for the next month, but no decision was made from the meeting. The meeting was postponed until today, after a consensus could not be reached within the group.
In the statement, it was noted that Russia’s production will increase by 65 thousand barrels per day in February and Kazakhstan will increase by 10 thousand barrels per day and countries will increase production by the same amount in March.
With the additional cut announced by Saudi Arabia, the daily production cuts of the OPEC + group will be 8 million 125 thousand barrels in February and 8 million 50 thousand barrels in March.
Saudi Arabian Energy Minister Abdulaziz bin Salman announced that they will voluntarily apply an additional 1 million barrels of oil production cut per day in February and March, to protect the economy of the OPEC + group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries.
In the statement made by OPEC, it was reported that Russia and Kazakhstan will increase their oil production over the next two months.
Saudi Arabia’s Energy Minister HRH Prince Abdul Aziz Bin Salman, pointed out the importance of supporting energy markets at the press conference. He announced that Saudi Arabia will voluntarily cut an additional 1 million barrels of oil production in February and March, in order to support the economies of OPEC + group countries.
After the OPEC + group meeting, the barrel price of Brent crude oil rose to $ 53.80 as of 21:15, an increase of 5.30 percent compared to yesterday’s closing. This figure was recorded as the highest level in the last 10 months.