Ruptly is live wirth a press conference following OPEC+’s ministerial meeting on Tuesday, January 5. The meeting was held to decide upon production levels for the beginning of the year.
During the last summit from November 30 until December 3, 2020, the OPEC cartel agreed to increase the production by 500,000 barrels per day in January.
Oil demand collapsed beginning of 2020 due to the COVID-19 pandemic. Subsequently, a price war between Saudi Arabia and Russia enfolded, driving oil prices to an unprecedented low by April 2020.