“OPEC +” is concerned about the deterioration of the oil market,...

The “OPEC +” group is monitoring developments regarding the new strain of the Corona virus, and is concerned that it may further deteriorate the outlook for the oil market.

  • OPEC+

Sources said today, Friday, that the “OPEC +” grouping is monitoring developments regarding the new discovered strain of the Corona virus, and that some have expressed concern that it may further deteriorate the outlook for the oil market, less than a week before a policy meeting.

The Organization of the Petroleum Exporting Countries and its allies in what is known as “OPEC +” are already facing moves to withdraw from oil stocks led by the United States in an attempt to bring down prices. However, a source said that Russia, a prominent member of “OPEC +”, “is not yet concerned about the impact of the new strain of Corona.”

“OPEC +” has resisted US calls to reduce crude prices, and has adhered to the policy of phasing out the record production cut last year by increasing supplies by 400,000 barrels per month since August.

Authorities around the world responded with concern to the news of Monitoring the new strain of Corona virusThe European Union, Britain, India and other countries tightened restrictions at the borders, while oil prices plunged by more than 10%, today, Friday.

In the context, a delegate to the “OPEC”, speaking about the new strain, said, “This is not good, as it increases downward pressures on the already weak expectations.”

It is noteworthy that “OPEC” will meet on the second of December to determine its policy on production, and it is expected that the withdrawal of oil stocks will lead to an increase in the surplus in the global market, which OPEC has already warned of next year.





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