6 Jan in 14:00
The deal to cut OPEC + oil production in November 2020 was completed by more than 100%, Russia’s Deputy Prime Minister Alexander Novak said at a press conference following the meeting of the OPEC+ countries. We have summed up the results of the deal’s execution for the previous period, which is November. The level was very high - over 100%, TASS cited him as saying.
Novak noted that the OPEC+ countries demonstrate their commitment to the implementation of the decisions.
The deputy PM also said Saudi Arabia s decision to further cut oil production in February and March as part of the OPEC+ deal was a New Year s gift to the global oil market.
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The alliance of producers led by Saudi Arabia and Russia must decide whether it can continue to restore crude supplies without capsizing the price recovery they spent most of 2020 working to achieve.
German exports down more than 12% last year due to coronavirus
03 Jan 2021 New cars for exports at a port in Bremerhaven, Germany. File/Agence France-Presse German exports shrank more than 12% last year as demand from the United States and Britain collapsed due to the coronavirus pandemic while Asia remained the only bright spot for Europe’s largest economy, the BGA trade association said.
“The COVID-19 pandemic has pushed us back five years when it comes to trade - and at the same time it has catapulted us five years into the future in terms of digitalisation,” BGA President Anton Boerner said.
The alliance of producers led by Saudi Arabia and Russia must decide whether it can continue to restore crude supplies without capsizing the price recovery they spent most of 2020 working to achieve.
Moscow believes that the group which slashed output during the pandemic can revive another 500,000 barrels a day of idle capacity in February, on top of an increase scheduled for this month. Riyadh, which has favored greater caution, is keeping its own views under wraps.
“The outlook for the first half of 2021 is very mixed,” OPEC Secretary-General Mohammad Barkindo said at a preparatory meeting on Sunday. “There are still many downside risks to juggle.”