OPEC meets virtually to decide on oil production in February

Members of the Organization of the Petroleum Exporting Countries (OPEC) and their partners, in the framework of the (OPEC +) alliance, gathered virtually, Monday, to decide on the amount of crude oil to be put on the market in February, in the hope of turning the page on the difficult past year.
This meeting is part of a policy that takes into account market conditions, while the recovery in demand for black gold in 2021 remains uncertain.{At the end of the last summit, which was held between November 30 and December 3, OPEC + (non-OPEC allies) pledged that the increase in the total production of their countries in January would be limited to 500 thousand barrels per day, in exchange for a planned increase of about two million barrels.
The 13 OPEC members led by Saudi Arabia and their 10 OPEC + allies, led by Russia, also agreed to meet at the beginning of each month to decide whether there is a need to adjust the amount of production for the next month.