LONDON/MOSCOW: OPEC and its allies, led by Russia, stand ready to adjust their plans for a gradual increase in oil output by 2 million barrels per day in the next months depending on market conditions, OPEC Secretary General Mohammad Barkindo said on Sunday.
Barkindo was speaking at a meeting of experts of OPEC and allies, a group known as OPEC+, according to remarks published by OPEC. OPEC+ will meet on Monday to decide output policies for February.
In December, OPEC+ decided to increase production by 0.5 million bpd from January as part of the 2 million bpd rise but some members have questioned the need for a further increase from February due to spreading coronavirus
infections.
OPEC+ was forced to cut production by a record amount in 2020 as global lockdown measures against the virus hammered demand for fuels.
OPEC+ first cut output by 9.7 million bpd, then eased cuts to 7.7 million and ultimately to 7.2 million from January.
Barkindo said OPEC now expected global oil demand to…
