The Organization of the Petroleum Exporting Countries (OPEC) expects demand for fuel to grow. The organization estimates that demand will increase by 5.9 million barrels per day to 95.9 million barrels.
As the Secretary-General of the organization, Mohammed Barkindo, said, the decision of the OPEC+ countries, adopted on December 3, 2020, makes it possible to gradually return 2 million b/d to the market in the coming months. The countries participating in the agreement are ready to adjust this plan, depending on the market situation. He noted that the development of coronavirus vaccines inspires optimism about the global economy's growth and the oil market's recovery.
"We expect that the decline in demand for oil will be replaced by growth, reaching 95.9 million barrels per day, which is 5.9 million barrels more than in 2020," he said.
On Monday, January 4, 2021, at 18:00 (Baku time), OPEC + ministers will meet for a regular meeting online to decide on production levels for February 2021. At the previous session on December 3, they gradually increased oil production, no more than 0.5 million b / d per month.
The meeting mentioned above will be proceeded by the OPEC+ ministerial monitoring committee, whose participants will discuss the level of implementation of the deal in November and recommend the countries of the alliance on production for February.
Bela Gelashvili
News Author