According to the Shana correspondent, OPEC and non-OPEC countries yesterday (Monday, January 4) after more than four hours of negotiations failed to extend the current production reduction agreement (7.2 mbd) or increase production by 500,000 barrels for February.
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Given the current uncertainties in supply and demand, the coming months will be very crucial for the oil market," Iranian Petroleum Minister Bijan Zangeneh said yesterday on the sidelines of the 13th OPEC+ meeting.
Russia and Kazakhstan have been cited as key opponents of extending the current supply cuts.

OPEC members reduced their supply to a record low in 2020 as a result of restrictions and lockdowns in many parts of the world that have reduced demand for fuel.

The member countries of the coalition limited their oil supply from 9.7 million barrels per day between May and July 2020, and then tapered their daily supply reduction from August last year to 7.7 million barrels per day, starting from January 1. 2021 reached 7 million and 200 thousand barrels per day.