Russia will not withdraw from the oil agreement


Expectations of an increase in global oil demand in 2020 by about one million barrels per day


The Saudi Energy Minister said on Tuesday that he is aware that no one in Russia is considering withdrawing from the OPEC + agreement next March.

Prince Abdulaziz bin Salman said during the World Economic Forum in the Swiss resort of Davos that it is important for OPEC + to meet in March to review its current agreement, according to the Reuters news agency.

For his part, Fatih Birol, CEO of the International Energy Agency, said on Tuesday that a surplus of one million barrels per day in the oil market is expected to curb the rise in prices in the first half of 2020.

Birol told “Reuters Global Markets” on the sidelines of the World Economic Forum in Davos, Switzerland, that it is not expected to increase prices significantly under “normal conditions”, although unexpected developments, such as increased instability in Iraq, may change the situation.

Iraq, the second largest producer in the Organization of Petroleum Exporting Countries (OPEC), has witnessed violent clashes recently between security forces and anti-government demonstrators calling for reform of the country’s political system.

Birol predicted that global demand for oil in 2020 will increase by about one million barrels per day, and that most of the increase will come from emerging economies.


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