The 23 member countries of the OPEC+ Coalition will review the latest developments in the oil market today (Monday, January 4) at the first meeting of 2021.

At their twelfth meeting on December 4, OPEC+ members agreed to increase production by 500,000 barrels per day for January 2021. With this decision, the production of OPEC member countries in this agreement increased by 304,000 barrels per day from the beginning of 2021, and the amount of production reduction has increased from 7 million and 700 thousand barrels to 7 million and 200 thousand barrels per day.

Extended production increase of 500,000 barrels for February, non-extension of production increase of 500,000 barrels for February and reduction of production of 500,000 barrels for February are possible scenarios of the OPEC+ meeting; the odds are very low for the last scenario.