The Organization of Petroleum Exporting Countries (OPEC) and partners (OPEC + group) on February 3, expressed optimism about the prospect of global economic recovery and crude oil demand in 2021.
In a statement released after the monthly online meeting of the OPEC + Ministerial Supervision Committee, members of the oil coalition expressed “optimism” about the market’s recovery in 2021. OPEC + believes that the step-by-step implementation of COVID-19 vaccination around the world will be a positive factor this year, boosting the global economy and demand. oil demand.
Since the beginning of November 2020, confidence has returned in the oil market when the “black gold” price gradually recovered and is currently trading around 60 USD / barrel, equivalent to the price level of the beginning of last year. Oil prices have been supported after OPEC + members agreed to cut production in response to the sharp drop in demand due to the impact of the COVID-19 epidemic.
As planned, OPEC + continues to cut 7.125 million barrels / day in this February and 7.05 million barrels / day in next March. In addition, Saudi Arabia has pledged to voluntarily cut an additional 1 million barrels a day from March 2 to 2021 to maintain market balance.
Oil analysts forecast OPEC + can make many important decisions in the next ministerial meeting on March 4.