During the 180th Meeting of the Conference of the Organization of Petroleum Exporting Countries (OPEC) that was held via videoconference, on Monday and the 12th OPEC and non-OPEC Ministerial Meeting held via videoconference, on Thursday, the Chairman of the OC’s Board of Directors, Mustafa Sanalla, praised the welcoming remarks of the Heads of delegations participating in the OPEC+ Meeting on Libya’s production resumption and the continued resumption of Libya from production adjustments.
The Meetings assessed the latest oil market developments in terms of supply, demand and stocks and reviewed the conformity levels of the Member Countries participating in the Declaration of Cooperation to the production adjustments.
The Conference agreed to increase the group oil supply by 500 thousand barrels per day starting January 2021 while holding monthly Ministerial Meetings at the beginning of each month to decide on the supply adjustment for the following month.
A total of 23 countries participating in the Declaration of Corporation (OPEC+) had agreed previously to reduce their collective crude oil production by 9.7 million barrels per day starting May 2020 and then adjusted the reduction to 7.7 million barrels per day starting August 2020 and were targeting to adjust the reduction further to 5.7 million barrels per day starting January 2021 but now agreed instead on gradual monthly adjustments of the reductions to support market stability and ensure adequate and timely world oil supplies.
The Conference welcomed the resumption of oil production by Libya and reaffirmed its exemption from the production adjustments as the country is in desperate need for funds to overcome its commercial and social difficulties.