Most OPEC+ producers oppose Feb output increase -sources | Reuters

Most OPEC+ producers oppose Feb output increase -sources | Reuters

Most OPEC+ oil-producing countries oppose plans to increase output from February as winter lockdowns to contain the coronavirus choke demand, three OPEC+ sources told Reuters on Monday.

OPEC+, which groups OPEC and other producers including Russia, meet on Monday, a day after OPEC Secretary General Mohammad Barkindo warned OPEC+ experts of downside risks facing the oil market.

The online meeting of OPEC+ ministers is scheduled to start at 1330 GMT.

“Amid the hopeful signs, the outlook for the first half of 2021 is very mixed and there are still many downside risks to juggle,” Barkindo said.

“Curbs on social and economic activity remain in place in a number of countries, and there is concern about the emergence of a pernicious new strain of the virus,” Barkindo said.