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OPEC+ deal parameters may be changed more than expected

November, 09 2020
watermark Economic news

The head of the Ministry of Energy of Saudi Arabia, Prince Abdel Aziz bin Salman, at the oil industry conference ADIPEC-2020, said that OPEC+ could adjust the parameters of the deal to reduce oil production even more significantly than analysts believe.


The politician stressed that in conditions of weak demand for oil, the organization can not only keep the production cut at 7.7 million barrels per day (or more), but also extend the deal until the end of 2022.


Recall that the new OPEC+ agreements started in May with a reduction in oil production by 9.7 million barrels per day for three months. Since August, the alliance has continued to reduce production, but to a lesser extent – by 7.7 million barrels per day for the period until the end of the year. Further, it is expected to decrease by 5.8 million barrels per day until the end of April 2022.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.