OPEC expects positive signs in the development of the global economy

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The Secretary-General of “OPEC” Mohamed Barkindo said, on Monday, that “OPEC” sees positive signs in the development of the global economy and the prospects for the oil industry.

“There are positive indicators in the global economy and industry expectations,” Barkindo said, “Novosti news agency”, stressing that many factors still require constant monitoring and vigilance.

The comments came before a planned meeting of the “OPEC +” group, which is scheduled to take place on Wednesday.

Earlier, Russian Deputy Prime Minister Alexander Novak told reporters that the meeting aims to analyze and consider the current situation in the global oil market. He pointed out that until now, the market is assessed as being balanced.

OPEC + has reduced its production by 9.7 million barrels per day since 2020 due to the decrease in oil demand caused by the Coronavirus pandemic, and the cuts were revised to 6.9 million barrels per day this April.

In May, the cuts are supposed to be reduced to 6.55 million barrels per day, to 6.2 million barrels per day in June 2021, and to 5.76 million barrels per day in July 2021.

Last update: April 27, 2021 – 01:32



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