Oil demand is expected to contract by 9.1 million barrels per day in 2020, while oil reserves will increase by unprecedented 1.5 billion barrels in the first half of the year, Algerian Energy Minister Mohamed Arkab said on Saturday during a meeting of the Organization of the Petroleum Exporting Countries (OPEC).
MOSCOW (Pakistan Point News / Sputnik - 06th June, 2020) Oil demand is expected to contract by 9.1 million barrels per day in 2020, while oil reserves will increase by unprecedented 1.5 billion barrels in the first half of the year, Algerian Energy Minister Mohamed Arkab said on Saturday during a meeting of the Organization of the Petroleum Exporting Countries (OPEC).
On Saturday, OPEC holds the 179th meeting via videoconference with the talks being focused on the oil producers' response to the energy crisis and the fate of the OPEC+ oil output cuts deal.
According to the minister, the effects of global isolation and closed borders have led to unprecedented economic difficulties. In particular, in 2020, the most significant difficulties are expected to affect markets in the second half of the year.
The minister also that OPEC noted a gradual recovery in both world oil demand and supply, as the global economy started to recover from the crisis. However, it is necessary to analyze the current state of the market and carefully determine the future actions of the organization, Arkab added.
