News ID: 277649
Published: 0619 GMT December 03, 2020

12th OPEC+ begins online meeting

12th OPEC+ begins online meeting

The 12th meeting of the oil and energy ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies began a few minutes ago via videoconference.

The meeting, which was originally scheduled for Tuesday, December 1, was postponed to Thursday, December 3, for further talks between OPEC and non-OPEC members, according to Shana.

Iranian Oil Minister Bijan Zangeneh said on Thursday that the aim of the meeting is to increase oil output cut in 2021 and decide on issued related to reduction in oil demands and prospects of economic growth amid the COVID-19 outbreak.

"Consensus in decision-making requires patience and negotiation," Zangeneh said after the 180th OPEC meeting on November 30.

Oil prices rose on the eve of the meeting, and the price of a barrel of Brent crude oil benchmark went above $48 per barrel, which is the highest figure since March.


MNA contributed to this story.

Resource: MNA
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