On the 30th November Organization of Petroleum Exporting Countries (OPEC) held its 180th meeting to discuss the scale of oil production reduction next year. The meeting on the same day failed to reach a final decision, and negotiations on a production reduction agreement will continue on December 1.
During the meeting, Algerian energy minister and OPEC chairman Abdelmadjid Attar said that the COVID-19 pandemic continues to adversely affect the global economy and energy markets in an unprecedented way, and the impact of the epidemic on the oil industry is It is huge, and its serious impact is likely to continue in the next few years.
The global economy is still in a deep recession, and it is expected to shrink by 4.3% in 2020. Affected by the second wave of the epidemic and the corresponding blockade measures, global oil demand is expected to decline by about 9.8 million barrels per day in 2020.
Abdul Majid Attar noted that the road to recovery is long and bumpy, but with positive progress in vaccine research and development, vaccines will have a significant effect in the second half of 2021, with the global economy expected to grow 4.4% in 2021 and global oil demand to increase by 6.1 million barrels per day.
