Ministers on a key Organisation of Petroleum Exporting Countries monitoring committee have acknowledged a slowdown in the oil market’s recovery and vowed to be proactive in preventing a slide in prices, with the scheduled tapering of the coalition’s output cuts looming at year-end.
OPEC and 10 partners are set to ease their 7.7 million b/d collective production cuts by about a quarter to 5.8 million b/d at the start of 2021, but fading demand growth and the resurgence of Libyan supplies have muddled the path to stabler and higher oil prices. Delegates have told S&P Global Platts that the bloc may consider extending the cuts.
But he said any second wave of the virus will likely not be as acutely damaging to the global economy as the initial crisis this spring, which prompted the OPEC+ alliance to end a brief price war and enact record production cuts. OPEC members could help their own cause by implementing so-called compensation cuts for previous quota violations.
Novak and Prince Abdulaziz both said their countries, the two largest members of the alliance, were committed to maintaining oil market cooperation through the OPEC+ platform. Prince Abdulaziz said the market should be reassured that the two major producers were in frequent contact.
E no go better for all una staffs for not airing the right news
What sort of stupid headline is this?
Una papa. Una no c wetin dy occur ba
Ori Yi loburu
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