On Monday, the Ministerial Summit of the Organization of the Petroleum Exporting Countries (OPEC) began, by virtual means. With the aim of reducing oil production in the future, as the Corona epidemic continues to cast its shadow on the global market.
The Algerian Minister of Energy, in his capacity as the organization’s rotating president, warned that the health crisis still has “unprecedented negative repercussions on the global economy and therefore on energy markets.”
OPEC committed to massive cuts in the production of its countries of oil to adapt it to the demand, which declined greatly, in a step that contributed to raising prices again, but had a significant impact on the revenues of producers, as protecting the market is still the common goal of producing countries.
It is noteworthy that oil prices witnessed a gradual recovery after sliding to unprecedented levels last April.
Source: Alhurra Net