Oil cartel OPEC and a number of other oil-producing countries, united in OPEC +, may meet in October for an emergency meeting. Insiders say that on Thursday. The possible top is needed, according to the oil-producing countries, if the demand for oil continues to fall due to the increasing number of corona infections.
The oil-producing countries have been in the blows for months. Due to the corona crisis, less energy is consumed, causing the demand for the raw material to fall sharply. As a result, the oil price fell to a low point. As a result, the countries that are united in OPEC + decided to reduce production somewhat in June, in order to raise the price slightly.
The oil price has been falling for several weeks now, due to the growing number of corona infections. At a monthly meeting on Thursday, the countries warned that this could again lead to a drop in demand for oil.
During the monthly meeting, there was still no mention of closing the oil tap further, but countries such as Nigeria and Iraq were called to account for having produced more oil than agreed. These countries were summoned to further reduce production to compensate for the earlier months of overproduction.
Should the demand for oil, and therefore the price, fall further, an emergency meeting will be organized in March. There could be talk of a possible further reduction in production. Commodity traders responded positively to the information: the value of a barrel of Brent oil rose by just under 3 percent on Thursday around 8.30 pm.
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