Oil prices advanced after OPEC+ production consensus

  • Date: 04-Dec-2020
  • Source: Gulf Today
  • Sector:Oil & Gas
  • Country:GCC
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Oil prices advanced after OPEC+ production consensus

Islamabad releases major funds for projects in aviation sector

However, there hasn't been an agreement on policy for the rest of the year.

According to a report by Goldman Sachs, "OPEC+ clearing the hurdle of exiting its current cuts in a coordinated way ... reinforces our conviction in a steady and sustainable rally in oil prices through 2021."

The increase translates that OPEC+ will be cutting production by 7.2 million barrels per day or 7% of world demand from January. This is a reduction from its current cut which is 7.7 million barrels per day.

OPEC+ was expected to continue existing cuts until at least March.