the Forecast for world oil demand this year increased by 100 thousand barrels a day to 90.7 million barrels per day, which means a drop by 8.9 million barrels per day compared to the year 2019, the report by OPEC.
At the same time involve in the cartel, in 2021, the consumption of liquid hydrocarbons will grow by 7 million barrels per day to 97.7 million barrels a day, although it will remain below the level that preceded the pandemic COVID-19, reports “Finmarket”.
OPEC also notes that the world oil market is still in the midst of a crisis due to pandemic coronavirus, and the gradual stabilization of the situation expected in the second half of the year, said PRIME.
“the pandemic Outbreak COVID-19 had an unprecedented and devastating impact on the global economy and the fundamentals of the oil market in 2020,” the report States.
As recalled by the head of IAC “Alpari” Alexander Razuvaev, OPEC members and allies will discuss on Wednesday the adjustment of the oil deal. “Many members of the organization, including Russia and Saudi Arabia, want to gradually increase oil production in August. Countries are ready to take this step due to the gradual recovery of the market. Saudi Arabia wants to offer other OPEC members to cut in August to 9.7 million barrels per day and 7.7 million barrels per day,” says the review expert.
we also Add that since the beginning of this year on the global oil market rode several waves of falling prices for “black gold”. A negative situation was caused by a whole complex of factors: a General overproduction of raw materials, a sharp drop in demand due to the rapid spread of coronavirus infection COVID-19 (March 11, was declared a pandemic) and concerns about its impact on the global economy and the collapse of the deal, OPEC+ (officially from April 1, but in fact, after fruitless negotiations of the countries-oil producers in inthe meeting on March 6 in Vienna).
However, on April 12 OPEC+ agreed on a new deal, joined by 23 States. The agreement will be valid for two years, from may 1, 2020 to may 1, 2022-th. In may—June this year, the production cuts will amount to 9.7 million barrels per day (from October 2018), then — until the end of 2020 — 8 million barrels, and 6 million by the end of April 2022. New business OPEC+ was a forced reaction of oil producing countries on the situation in the market and pressure from the United States. Overall, however, it is not blocked volumes decline in global demand, besides on the market have accumulated huge reserves of raw materials.
At the meeting on June 6, the member countries of OPEC+ extended on a month — until the end of July — the period of validity of the agreement to reduce oil production to 9.7 million barrels per day.
Stories about how you tried to get help from the Russian state in terms of coronaries and what came of it, email it to COVIDfirstname.lastname@example.org