Oil-producing countries such as OPEC Confirmed to respond to the drop in demand due to the new corona November 18, 7:20
Major oil-producing countries such as Saudi Arabia and Russia have confirmed their policy to take necessary measures to respond to the decline in crude oil demand in response to the renewed spread of infection with the new coronavirus, mainly in Europe.
The focus will be on deciding to continue a major production cut next year at a meeting from the end of the month.
OPEC (Organization of Petroleum Exporting Countries) led by Saudi Arabia and Russia and others discussed the outlook for the crude oil market for the first half of next year at an online meeting on the 17th.
Expectations for normalization of economic activity are rising due to the movement of vaccine development, but the demand for crude oil is expected to decline for the time being as the spread of infection is becoming more serious mainly in Europe. it was done.
On that basis, he confirmed that the future of the market is uncertain and that he will continue to take necessary measures.
These oil-producing countries have been collaborating to cut production since May in an attempt to support the sharp drop in crude oil prices due to the spread of infection in the spring.
The original plan is to reduce the scale of production cuts from next year, but Reuters is reluctant to reduce production due to sluggish demand in Saudi Arabia, and it is possible to maintain the current scale of production cuts for about three months to half a year. It is reported that it is being considered.
Oil-producing countries will decide on production plans for next year at a meeting that will be held from the end of the month, and the focus will be on whether to continue large-scale production cuts.