{"id":11581,"date":"2024-08-11T04:44:04","date_gmt":"2024-08-11T04:44:04","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=11581"},"modified":"2024-08-11T04:44:04","modified_gmt":"2024-08-11T04:44:04","slug":"opec-could-deepen-oil-cuts-if-needed-says-algerian-energy-minister","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/11581\/","title":{"rendered":"OPEC+ could deepen oil cuts if needed, says Algerian energy minister"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0OPEC+ could extend the group’s current oil production cuts into 2021 or deepen them further if market conditions require, Algeria’s energy minister told an industry event on Wednesday.<\/p>\n

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, are due to reduce their existing cuts of 7.7 million million barrels per day (bpd) by about 2 million bpd in January.<\/p>\n

“I can assure you that OPEC remains committed to taking appropriate actions, in cooperation with its partners in the Declaration of Cooperation, in a manner that is proactive and effective,” Abdelmadjid Attar said.<\/p>\n

“This includes the possibility of extending today’s production adjustments into 2021, as well as deepening these adjustments, should market conditions require,” he added.<\/p>\n

Attar last week said that Algeria, which currently holds the OPEC presidency, supported an extension of the current cuts into next year, adding that the next OPEC+ meeting could consider a six-month extension.<\/p>\n

An extension until the end of March is also being considered as an option, OPEC+ sources said.<\/p>\n

Saudi Arabia’s energy minister on Monday said the deal could be “tweaked” as it has been in the past if there is consensus among members.<\/p>\n

On Wednesday OPEC trimmed its 2021 oil demand growth forecast, citing rising COVID-19 infections.<\/p>\n

It now expects oil demand to rise by 6.25 million bpd next year to 96.26 million bpd, OPEC said in a monthly report, down 300,000 bpd from its forecast last month.<\/p>\n

At the same time, soaring Libyan production presents another challenge for the group.<\/p>\n

However, oil prices have risen sharply this week. [O\/R]<\/p>\n

Brent crude and U.S. oil prices are up about 14% this week after initial trial data showed the experimental COVID-19 vaccine being developed by Pfizer Inc and Germany’s BioNTech \u00a0was 90% effective.<\/p>\n

OPEC+ is due to meet next on Nov. 30 and Dec. 1, following a high-level ministerial meeting on Nov. 17.<\/p>\n

\n

 <\/p>\n<\/div>\n

Updated on