Business
Oil Prices Remains at $40 to $50 in Q1 2021
Experts said on Wednesday that oil prices would remain at the $40-$50 range in the first quarter of 2021 as the Organization of Petroleum Exporting Countries (OPEC) and allied groups’ also known as OPEC+, plans to increase crude oil production next year.
OPEC+ approved the increase in the production of crude oil by around 500,000 barrels per day (bpd) from January 2021.
According to Anadolu, The decision to have an incremental increase in the production of crude oil is to help balance oil markets with a supply glut and weak demand.
The new agreement will cut production by 7.2 million bpd in January 2021, with the current production cuts at 7.7 million bpd.
OPEC+ will continue to monitor market trends and determine further production adjustments in the future, which are capped at 500,000 bpd. (ASC)
