The Joint Ministerial Monitoring Committee of OPEC+ has advised oil producing countries to be ready to tweak terms, an indication that the bloc might extend production increase.
Prince Abdul Aziz Bin Salman, Saudi Energy Minister and Joint Ministerial Monitoring Committee Chairman, said during the virtual opening of the 24th meeting of the committee.
This came following discussions whether the bloc will postpone its plans to increase oil output by January 2021. But a final decision will be made on November 30 and December 1, during the full ministerial meeting.
“There has been very good news of possible vaccines against the Covid-19 virus, allowing us to see some glimmer of light at the end of the tunnel,” Prince Abdulaziz said, adding “But the good news was counterbalanced by a surge in cases in the second wave of infections.”
Pfizer and Moderna had announced a vaccine with efficiency of over 90 per cent and 94.5 per cent respectively, a news which sustained oil prices at $45 per barrel. This is despite the second wave of the Covid- 19 pandemic.
Organisation of Petroleum Exporting Countries President and Algeria’s Minister of Energy, Abdelmadjid Attar, pointed out the success by the cartel to boost recovery.
He said that uncertainty and economic sluggishness continue as the COVID-19 pandemic resurges across the globe.
“In 2020, OPEC has continued to rise to the challenge and, in close partnership with our non-OPEC partners of the Declaration of Cooperation, we have been able to provide a vital undercurrent of stability at a time of uncertainty and economic distress brought by the COVID-19 pandemic” Attar said.