Opec member countries and external oil producers are negotiating today on the continuation of restrictions on oil production.

The videoconference was postponed to this day on Tuesday after Opec's 13 member states failed to reach an agreement in three days of discussions.

However, it is expected that a consensus will eventually be reached on production restrictions, as the interest rate crisis weighed on both oil prices and demand in the spring.

At one point, the price of a particular grade of oil even went to the frost side, meaning the seller of the oil had to pay in order for the buyer to agree to accept it.

The current restrictions, which limit production to 7.7 million barrels per day, are coming to an end at the turn of the year.

Producer countries are expected to agree to continue them at their current level, probably at least until early April.

The restrictions agreed last spring cut producer countries' incomes significantly, but halted the fall in prices.

Hopeful about vaccine news in November boosted the 25 per cent rise in the price of a barrel of crude oil, although the end of the corona pandemic is not yet visible.

Agreeing on the continuation of restrictions is hampered by mutual mistrust between oil-producing countries, as some countries are suspected of exceeding their agreed production quotas.