From January 1, 2021, OPEC + countries must increase production. According to Bloomberg, this decision may be influenced by “anemic” demand in the oil products market and increased production by Libya, which is not part of the cartel.
Фото: Daniel Radicevic / imagebroker.com / Global Look Press
On Monday, the coalition members will meet to assess the state of the market. However, this meeting is not expected to make any decisions on the supply, this is likely to happen at a meeting on November 30 – December 1, the agency writes.
Bloomberg reports that the opinion of the OPEC + countries is under pressure from a slow recovery in demand. On Thursday October 15, Secretary General Mohammad Barkindo described oil demand as “anemic” and said. that the cartel will act to prevent a “relapse” of the market decline. Internal reports from the coalition indicate that there is a risk of a new oil surplus.
In addition, Libya, which is not part of the coalition, increased daily production up to 500 thousand barrels. According to JPMorgan Chase & Co’s forecast, the country may increase production to 1 million barrels. by March, however this will depend on the domestic political environment.