This adjustment will concern the first three months of the year, since the production adjustments for April and subsequent months will be decided at the monthly OPEC and partners meeting, respecting the criteria agreed at the 12th meeting (in English: OPEC and non-OPEC Ministerial Meeting - ONOMM).
At the meeting, which took place from Vienna through videoconference, the organization made clear the need to continue to monitor the market closely so that adjustments can be made to maintain balance and stability.
Also at the meeting, writes Angop, it was highlighted that between May and November of last year, OPEC countries and their partners worked together to reduce the global supply of oil barrels by approximately 1.9 billion barrels to maintain market stability.
Highlighting the exceptions in 2020 due to covid-19, the forum explained that last year's figures have changed the Organization for Economic Cooperation and Development's commercial oil reserve average over the past five years.
However, it recommended that the average between 2015 and 2019 remain, for the time being, as the most representative formula of the average of the five most recent years.
Also at the meeting, Angola and the United Arab Emirates were pleased that their performance exceeded expectations.
The next ONOMM will be held on March 4, 2021, to determine if the production level is maintained or if there is a need to adjust the values.
