LONDON: Members of the Opec group of oil producers and their partners will meet via video conference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year. The Opec+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between Saudi Arabia and Russia. After their last summit, from Nov 30 to Dec 3, the Opec+ members agreed to increase production by half a million barrels per day in January. The decision illustrates Opec’s desire to maintain a strong influence on the oil market and the gravity of the situation for crude producers last year. Remaining demand uncertaintyBefore the pandemic, Opec members were content with two summits per year at the organisation’s headquarters in Vienna.

Source: Libya Today January 02, 2021 06:33 UTC