The OPEC+ group of countries, according to OPEC Secretary-General Mohammed Barkind, looks to avoid further significant falls in oil prices. This is because of the very slow growth in demand for black gold and the onset of the second wave of the coronavirus pandemic is imminent.
“I want to assure you all that the cooperation of countries in OPEC and beyond continues. We are working to ensure that there is no repeat of the situation we witnessed in the spring as the price of oil fell to historic lows,” Barkindo told the occasion of the Eenergy Intelligence conference Forum.
Barkindo stressed the need to understand the current reality, with oil demand resuming only very slowly and far slower than expected some time ago. The OPEC+ Group’s technical committee (which, alongside OPEC countries, also includes Russia and other mostly post-Soviet republics) is due to meet as early as Thursday to predate options for curbing mining.
Ministers of OPEC+ member countries, who have energy in portfolios, will then meet at the turn of November and December. OPEC+ is expected to limit production for years by more than two million barrels per day, which should be enough to keep oil prices at least at current levels. A barrel of Brent oil costs around $40 with the price fluctuating quite significantly.