The meeting comes amid rising prices late last year, although markets remain uncertain.
OPEC oil producer group members and their partners will meet on Monday by video conference to decide February production levels, hoping to turn the corner in a difficult year.
The OPEC + ministerial meeting comes after oil consumption fell in 2020 due to the COVID-19 pandemic and a price war between Saudi Arabia and Russia.
Despite the recovery in prices towards the end of last year, black gold market levels remain uncertain.
After its last summit, from November 30 to December 3, OPEC + members agreed to increase production by half a million barrels a day in January.
The 13 members of the OPEC cartel, led by Saudi Arabia, and its six allies led by Russia, also agreed to meet earlier this month to decide on adjustments to next month’s production volumes.
Russia and Saudi Arabia are the second and third largest oil producers in the world after the United States, respectively.
The decision illustrates OPEC’s desire to maintain a strong influence in the oil market and the gravity of the situation of crude oil producers last year.
Prior to the pandemic, OPEC members were content with two summits a year at the organization’s headquarters in Vienna.
“Finally, we saw a strong demonstration of OPEC + ‘s willingness and ability to manage the market, laying the groundwork for Brent’ s recovery to more than $ 50 a barrel despite the uncertainty of market demand,” they said. say JBC Energy analysts in a statement.
The two benchmark contracts, North Sea Brent crude and West Texas Intermediate (WTI) crude, ended the week at around $ 50 a barrel, much lower than prices seen in early 2020, but far below last year’s lows.
In March, Moscow and Riyadh began a brief but intense oil price war that caused prices to fall.
On April 20, West Texas Intermediate (WTI) crude collapsed to minus $ 40.32 a barrel, meaning producers were paying buyers to get oil out of their hands.
The climate between the two oil giants has moderated since then, with the meeting of Russian and Saudi energy ministers in mid-December in a show of unity.
However, it is difficult to predict the evolution of demand as governments begin to deploy coronavirus vaccination programs.
Last month, OPEC predicted a slight rise in the market, noting the continuation of uncertainties, especially in the transport sector.
Despite the weight of OPEC + countries, countries outside the system have a significant effect on the oil market; mainly the United States, which still produces 11 million barrels of crude per day.
Even within its ranks, OPEC will have to pay attention to the evolution of the three members who have been granted quota exemptions: Libya, Iran and Venezuela.
Libya’s production had been virtually wiped out by the civil conflict, but it has increased since October after a ceasefire agreement was signed.