[London 10th Reuters]-Secretary-General Barkind of the Organization of Petroleum Exporting Countries (OPEC) said at the meeting on December 10th that he would consider all options including expansion of coordinated production cuts with non-member oil-producing countries such as Russia. It was.
In October's monthly report released today, OPEC lowered the global economic outlook for 2020 and predicted that demand for OPEC crude oil in 20 years will fall below this year's level.
“OPEC Plus”, which is composed of OPEC member countries and non-member oil-producing countries such as Russia, has been implementing a cooperative reduction of 1.2 million barrels a day since January this year. The current period for the reduction of production agreement is until next March, and the participating countries will decide their future policy at a meeting to be held on December 5-6.
“The meeting will make an appropriate, powerful and positive decision that will lead to improved stability and sustainability in 2020,” Barkind said to the reporters. When asked about the possibility of increased production cuts, he replied, “All options are possible.
At the last meeting of OPEC Plus held in July, the production policy for the next nine months was decided, but it is highly likely that a longer-term policy will be discussed at the next meeting.
“As data for 2020 will be revealed as December approaches, Barkind will probably be able to verify the current arrangement and reach a decision that covers the full year,” he said.
Apart from this, OPEC lowered its global economic growth forecast for 20 years from 3.1% to 3% in a monthly report in October.
The demand for OPEC crude oil in 20 years is expected to be 29.6 million barrels on a daily basis, down 1.2 million barrels from the previous year. If Saudi Arabian oil facilities maintain production levels in August prior to the attack, the supply will be over 200,000 barrels per day.
In September, OPEC oil production amounted to 28.49 million barrels a day, down 1.32 million barrels from the previous month. An attack on the Saudi facility was affected.
Although Saudi emphasized that production recovered early, the September production reported by the country to OPEC was 9.13 million barrels per day, a decrease of 660,000 barrels. According to statistics compiled by OPEC from secondary sources, the daily amount was 8.56 million barrels, a decrease of 1.28 million barrels.