Countries participating in the agreement decided to extend the current level of oil production cuts for February and March 2021. At the same time, separate conditions were agreed for Kazakhstan and Russia, providing for a phased increase in production in this period by 10,000 and 65,000 barrels per day, respectively. Thus, obligations for Kazakhstan under OPEC+ in February and March will amount to 1.427 million barrels per day and 1.437 million barrels per day, respectively.
Joint efforts made by the countries participating in the OPEC+ agreement in 2020 were able to stabilize prices in the world oil markets. To date, the current agreement continues to give a positive impetus to the oil industry. Price of WTI crude rose above $50 a barrel for the first time since February last year in trading on January 5 on news that OPEC+ countries have agreed on oil production levels for February 2021.