MOSCOW (Pakistan Point News / Sputnik - 04th March, 2021) The OPEC+ members, when making a decision on the future volume of oil cuts, have to consider both the positive impact of worldwide vaccination as well as the remaining COVID-19 uncertainties, Russian Deputy Prime Minister Alexander Novak said on Thursday.
Earlier in the day, the 14th OPEC and non-OPEC Ministerial Meeting has started via videoconference. The energy ministers are expected to decide on the future volume of oil production cuts.
"The market has not yet fully recovered although we are in a much better shape and state of the market than we used to be just a few months ago. At the same time, a large number of uncertainties and unknowns remain, the key uncertainty facing us is the pace of spreading of the new coronavirus infection," Novak said at the OPEC+ Meeting.
Even though the pace of global vaccination is high, some of the energy agencies have revised down their demand forecasts, the Russian deputy prime minister noted.
"That is why we have to keep all these things in mind when we make a decision in regards to our work on maintaining a stable and predictable market," Novak underlined.
