Reuters
The meeting of the “OPEC +” group started today, Thursday, where the participating oil states will discuss the policy of oil production, and this comes at a time when energy markets are witnessing a kind of recovery after a retreat due to the Corona crisis.
At the beginning of the meeting, Russian Deputy Prime Minister Alexander Novak said that we must assess expectations about oil and demand, stressing that vaccination against the Corona virus was beneficial to the markets.
He pointed out that global oil markets have not fully recovered from the pandemic, but they are better off than last year.
The Russian official added that the main issue is uncertainties about the new Corona virus, and oil demand has declined significantly in 2020 due to the Corona crisis.
For his part, Saudi Energy Minister Prince Abdulaziz bin Salman urged caution and vigilance regarding the oil market, saying that “the oil market has improved, and the uncertainty surrounding the recovery has subsided.”
OPEC countries, Russia and other oil-producing countries will meet today to decide whether to keep production unchanged in April or increase it.
In light of the rise in oil prices, exceeding $ 60 a barrel, some analysts predict that “OPEC +” will increase production by about 500 thousand barrels per day, and they also expect Saudi Arabia to end its additional voluntary reduction in production of one million barrels per day in part or in full.
Source: Agencies
Source link