OPEC to Meet Over New Production Cuts

SourceAl Bawaba
SectorOil & Gas
CountrySaudi Arabia

Energy ministers from OPEC+, the oil alliance led by Saudi Arabia and Russia, are preparing for a crucial meeting on Thursday amid signs that the recovery in global oil markets is slowing down because of a resurgence in the COVID-19 pandemic. Projections for 2020 crude demand have been downgraded in the past couple of days by two authoritative sources — the Organization of Petroleum Exporting Countries (OPEC) itself, and the International Energy Agency (IEA). In addition to new COVID lockdowns, the IEA blamed teleworking and weak air travel for the downturn in crude demand in “even more fragile” markets. Brent crude, the global benchmark, has lost about 10 per cent in the past two weeks but has mostly stayed above the $40 per barrel level. According to OPEC sources, ministers are considering whether to ...read more...