The OPEC+ group plans to taper the ongoing oil production cuts as of January 2021, as initially agreed, the energy minister of OPEC’s third-largest producer, the United Arab Emirates (UAE), said on Tuesday. Speaking to the Energy Intelligence Forum, UAE’s Energy Minister Suhail al-Mazrouei said, as carried by Reuters : “We in OPEC+ have set a plan and that plan… started with the almost 10 million or 9.7 million barrels (per day) reduction. That volume has been reduced, and it will be reduced again at the end of this year as we walk to 2021.” OPEC and its partners led by Russia agreed in April to reduce their combined oil production by 9.7 million barrels per day in response to the demand slump following the outbreak of coronavirus that caused prices to tank. The cuts were relaxed by 2 million bpd starting in August and are set to be […]