OPEC+ to review oil output levels on January 4

The OPEC+ alliance will hold the next policy meeting on Jan. 4 to review oil output levels, Reuters reported, citing sources.

The meeting date will be confirmed by the next meeting of the Joint Ministerial Monitoring Committee on Dec. 17, the sources added.

The OPEC+ alliance reached an agreement on increasing oil production by 500,000 barrels per day (bpd) to 7.2 million bpd as of next January.

The alliance that brings together oil producers from OPEC member states and outside is currently reducing supplies by 7.7 million bpd, amid disagreements that have emerged among members over whether the planned increase should be canceled next month with expectations of a continued decline in demand on COVID-19 repercussions, or allowed to develop an effective vaccine against the virus.