Jan 05 2021, 1:42 AM
January 04 2021, 1:17 AM
January 05 2021, 1:42 AM
(Bloomberg) OPEC warned of risks to the oil market from the resurgent pandemic, a day before the group and its allies meet to consider whether to increase production.
(Bloomberg) OPEC warned of risks to the oil market from the resurgent pandemic, a day before the group and its allies meet to consider whether to increase production.
âThe outlook for the first half of 2021 is very mixed,â OPEC Secretary-General Mohammad Barkindo said at a preparatory meeting on Sunday. âThere are still many downside risks to juggle.â
The alliance of producers led by Saudi Arabia and Russia will decide on Monday whether it can continue to restore crude supplies without capsizing the price recovery they spent most of 2020 working to achieve.
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Last month, OPEC+ talks ran into a five-day stalemate as Saudi Arabia and the United Arab Emirates - for years allies in both political and energy spheres - disagreed over how quickly to revive idled barrels.
Oil production in Russia declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and sluggish demand caused by the coronavirus, statistics showed on Saturday.