According to several sources from OPEC+, the alliance plans to hold a ministerial meeting in the first days of February. The exact date is not yet known, investing.com reported citing Reuters.

The previous ministerial meeting was held on November 30 - during it the participants agreed that oil production will be voluntarily reduced by 2.2 million b/s in the first quarter of this year. The alliance is expected to assess the degree of fulfillment of this agreement at the upcoming meeting, the source said.

Such meetings, which analyze the compliance of the countries-participants of the restrictions on oil production, are held by the alliance every 2 months. The monitoring committee includes leading OPEC+ members, including Saudi Arabia, the United Arab Emirates and Russia. The largest oil producer Angola, which was a member of OPEC for 16 years, left the organization in December, as it was not able to contribute to the cartel's activities, according to a senior official of the country, Forbes reports.