OPEC Seeks Oil Recovery, Continues Production Cut Talks

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Organisation of Petroleum Exporting Countries will, on Tuesday, continue its discussion on extension oil cuts as it set its sights on “oil stability in interest of producers, consumers and global economy”.

OPEC members met via videoconference on Monday to discuss output quotas for months ahead.

The group said in a that country delegations would reconvene for further deliberations on Tuesday (today).

“The shock to the oil industry is massive and its severe impacts will likely reverberate in the years to come,” of the OPEC Conference and Algeria’ Minister of Energy, Abdelmadjid Attar, told the group.

He noted that 2020 continued to be a year of immense challenges caused by the COVID-19 , which had led to dramatic loss of lives and livelihoods.

“The continues to rage with soaring in many regions around the world. It continues to affect adversely the global economy and, consequently, the world energy markets, in an unprecedented manner.

“The global economy is still in deep recession with growth pegged at minus 4.3 per cent for 2020. Global oil demand for 2020 is expected to decline by around 9.8 million barrels per day as the second wave of the and related lockdowns put a damper on demand.”

Attar said markets had reacted positively in recent days, as various pharmaceutical had made positive strides in the development and approval of a safe and effective COVID-19 .

“However, it is clear that a global deployment of will take time, and its effect will likely begin to be significantly apparent in the second half of 2021,” he added.