The OPEC+ alliance of oil producing countries have to take into account both positive outlook such as the emergence of COVID-19 vaccines and the negative market uncertainty, sparked by the second wave of the pandemic, Russian Deputy Prime Minister Alexander Novak on Thursday
MOSCOW (Pakistan Point News / Sputnik - 03rd December, 2020) The OPEC+ alliance of oil producing countries have to take into account both positive outlook such as the emergence of COVID-19 vaccines and the negative market uncertainty, sparked by the second wave of the pandemic, Russian Deputy Prime Minister Alexander Novak on Thursday.
Earlier in the day, the OPEC+ energy ministers started their meeting, which was postponed from Tuesday amid the differences within the alliance on the future oil cuts. The ministers now have to decide whether to extend the existing cuts of 7.7 million barrels per day or ease the oil output cuts to 5.8 million barrels per day starting from January 1.
"Today, we have to discuss the results of the implementation of the agreement in November, as well as assess the forecasts for the development of the market, taking into account the emerging positive factors that positively affect the current situation. This is the certainty with the elections in the United States, these are stimulating measures of many countries against the spread of coronavirus, I also mean the emergence of new vaccines against the disease, " Novak said at the opening of the OPEC+ meeting.
"At the same time, there are uncertainties that we see. These are restrictive measures in many countries. ... And, of course, it concerns the low winter demand. Today we need to assess all these factors and make an informed decision," the Russian deputy prime minister underlined.
