“OPEC” rules out a collapse in oil prices similar to the one in April

In light of the continued production cut agreement for the “OPEC +” alliance

26.10.2020

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However, prices quickly regained their stability from last May, with an agreement to reduce new production that would last until 2022.

Crude prices are currently under pressure, driven by the acceleration of the “Corona” outbreak, and the desire of countries to re-impose restrictions on movement to break the chain of the outbreak, in addition to the resumption of Libyan crude production of an average of one million barrels per day from 100 thousand per day during the past months of 2020.

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The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Mohamed Barkindo, ruled out a collapse in crude oil prices during the coming period, and affirmed that the “OPEC +” alliance would continue to achieve market stability.

Barkindo told an energy conference in India entitled “Seera Week”, that the big drop in crude prices, like the one that occurred in the second quarter of this year, is unlikely in light of the continuing agreement to cut production for the coalition.

Crude oil prices collapsed last April, after the coalition failed to build a new agreement to reduce production, accompanied by a price war between Saudi Arabia and Russia, bringing the price of a barrel of Brent to $ 15, its lowest level in two decades.

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