The meeting comes amid rising prices towards the end of last year, despite the fact that markets remain uncertain.
Members of the OPEC oil producer group and their partners will meet by video conference on Monday to decide on production levels for February, hoping to turn a 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 rising prices towards the end of last year, market levels for black gold remain uncertain.
Following their last summit, between 30 November and 3 December, OPEC + members agreed to increase production by half a million barrels a day in January.
The 13 members of the Saudi-led OPEC cartel and their six Russian-led allies also agreed to meet at the beginning of each month to decide on any adjustments in production volumes for the following month. .
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 on the oil market and the seriousness of the oil producers’ situation last year.
Before 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 over $ 50 a barrel, despite the remaining uncertainty in market demand,” JBC Energy analysts said in a statement.
The two benchmark contracts, UK Brent Crude and West Texas Intermediate (WTI), both ended the week at around $ 50 a barrel, well below the prices seen in early 2020, but well below the minimum observed last year.
In March, Moscow and Riyadh began a short but intense oil price war, which led to falling prices.
On April 20, West Texas Intermediate (WTI) oil collapsed to minus $ 40.32 a barrel – meaning producers paid buyers to take oil out of their hands.
The climate between the two oil giants has since eased, with Russian and Saudi energy ministers meeting in mid-December for a rally.
However, it remains difficult to predict the evolution of demand as governments begin to launch coronavirus vaccination programs.
Last month, OPEC predicted a slight return to the market, while noting continued uncertainties, especially in the transport sector.
Despite the importance of OPEC + countries, countries outside the system have a major effect on the oil market; mainly the United States, which still produces 11 million barrels of crude per day.
Even in its ranks, OPEC will have to pay attention to the evolution of the three members who have been granted exemptions – Libya, Iran and Venezuela.
Libya’s production had been nearly destroyed by civil strife, but has risen since October after a ceasefire was signed.