OIL MARKET: 13th OPEC and non-OPEC Ministerial Meeting to reconvene on January 5, 2021
The 13th OPEC and non-OPEC Ministerial Meeting has been adjourned until tomorrow, Tuesday, January 5, 2021.
The meeting, which will resume at 15:30 (Vienna time) tomorrow would enable the Organisation of Petr9oleum Exporting Countries, OPEC and others to find a lasting solution to the prolonged lull in the oil market.
Meanwhile, most OPEC+ oil-producing countries oppose plans to increase output from February as winter lockdowns to contain the coronavirus choke demand, three OPEC+ sources told Reuters on Monday.
According to Reuters, OPEC+, which groups OPEC and other producers including Russia, meet on Monday, a day after OPEC Secretary General Mohammed Barkindo warned OPEC+ experts of downside risks facing the oil market.
“Amid the hopeful signs, the outlook for the first half of 2021 is very mixed and there are still many downside risks to juggle,” Barkindo said.
“Curbs on social and economic activity remain in place in a number of countries, and there is concern about the emergence of a pernicious new strain of the virus,” Barkindo said.
