A sign of these pandemic times, the word “vaccination” has come back a lot in the mouths of the ministers responsible for oil, during the virtual meeting on Thursday of the OPEC countries and their partners led by Russia.
Oil: the decline in global demand has begun
OPEC +, as the 13 members of the Organization of the Petroleum Exporting Countries allied to ten additional producing states, of which Russia is the main one, are called, met for the fourteenth time since the creation of this informal "cartel" in 2016. They finally decided to modify only marginally the production volumes that they had voluntarily reduced last year to support prices.
Exporting countries have come a long way.
The sudden slowdown in global activity imposed by the "great confinement" a year ago caused a barrel drop of 70%.
If the brent, the main benchmark of the market, had plummeted below 20 dollars in April, the Texan barrel, the WTI, had plunged for a few hours in unknown territory as much.
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