MOSCOW (Pakistan Point News / Sputnik - 11th November, 2020) As the countries worldwide are reintroducing lockdown measures, which are affecting oil demand, the OPEC+ producers need to remain vigilant and will discuss measures of supporting the market stability on December 1, the Organization of the Petroleum Exporting Countries (OPEC) said in a report on Wednesday.
"Given the renewed lockdown measures implemented in several major economies, the market situation requires vigilance and continuous close monitoring in order to take into account the large uncertainties going forward. The 180th Meeting of the OPEC Conference and the 12th OPEC and non-OPEC Ministerial Meeting will convene on 30 November and 1 December, respectively, to further assess market developments and consider how best to continue relentless efforts to maintain oil market stability," the report read.
The cartel noted that even though the OPEC+ oil cuts helped to prevent the overload of commercial inventories, the second wave of COVID-19 may lead to the packed inventories once again, which requires attention of the oil producing countries.
The OPEC+ states are currently slashing 7.7 million barrels a day collectively in order to support the oil market, which is suffering from the pandemic. The group is expected to ease the cuts to 5.8 mbd starting from January 1, but some experts and media outlets speculate that the conditions of the deal might be changed in light of the second wave.
