On the 3rd local time, the Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries was concluded.
In view of the current oil market conditions and the outlook for 2021, the meeting agreed that member states would voluntarily adjust the production reduction from 7.7 million barrels per day to 7.2 million barrels per day from January 2021.
In addition, the compensation period for production reduction will be extended to the end of March 2021.
The meeting also decided that, starting from January 2021, a monthly ministerial meeting will be held to assess market conditions and decide on the size of output adjustment for the next month, which will not exceed 500,000 barrels per day per month.
