Oil - OPEC Secretary Says Second Wave of Covid-19 Pandemic Will Hinder Oil and Gas Market Recovery

Oil – OPEC Secretary Says Second Wave of Covid-19 Pandemic Will Hinder Oil and Gas Market Recovery

Written by Roberta Souza

Published on 27/10/2020 at 13:51

Foto: reprodução

Uma pessoa reagiu a isso.

According to Mohammad Barkindo, OPEC Secretary General, with various new Covid cases, the oil market may be greatly affected

For Mohammad Barkindo, Secretary General of OPEC – Organization of the Petroleum Exporting Countries, the oil market and the recovery of the oil and gas sectors may be greatly affected due to the rise in new Covid-19 cases. Such daily increases in cases may impact the recovery of oil prices, forcing the cartel to continue its efforts to balance the market.

See More News of the Day:

Worldwide, various records of consecutive cases have been reported, and Europe has become a major center of the pandemic. On the 23rd, 490,000 people tested positive for Covid-19.

“We had hoped that the second half of 2020 would begin to show signs of recovery. Unfortunately, both economic growth and demand recovery remain anemic at the moment, largely due to the virus,” said Mohammad.

ARTICLE CONTINUES BELOW

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

The Technical Agenda and the Fair in the City of Macaé Should Boost Discussions on Investments, Energy Transition, and Development of the Oil, Gas, and Energy Chain in the National...

Paulo Nogueira

The OPEC Secretary General expressed optimism that recovery will continue, but the pace will be slow. “It may take longer [for recovery], perhaps at lower levels, but we are determined to stay the course.”

In April, OPEC countries and other allies, including Russia, decided to push for record production cuts to maintain oil prices at sustainable levels. On Monday, WTI barrels ($38.50) and Brent ($40.80) were both trading, with prices falling by 3%.

About OPEC:

Organization of the Petroleum Exporting Countries – OPEC is an intergovernmental organization aimed at centralizing the formulation of policies regarding the production and sale of oil from member countries.

Currently, the member countries of OPEC are: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.

OPEC develops strategies in oil production, establishing production quotas for member countries, reducing supply, causing product prices to reach high values, providing greater profitability for oil-exporting countries.

Oil – OPEC Secretary Says Second Wave of Covid-19 Pandemic Will Hinder Oil and Gas Market Recovery

According to Mohammad Barkindo, OPEC Secretary General, with various new Covid cases, the oil market may be greatly affected

See More News of the Day:

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

About OPEC:

At over 8,800 meters above sea level, the summit of Mount Everest is made up of rocks that originated at the bottom of an ocean about 500 million years ago and were pushed to the highest point on Earth by the collision of tectonic plates.

Found in one of the most radioactive places on Earth, this Chernobyl fungus may be doing something with radiation that no one has been able to explain to this day.

The U.S. Army receives the first Black Hawk helicopter that can fly without pilots, be controlled by a tablet, and even land on its own during high-risk missions.

With more than 635,000 doctors, Brazil sees competition increasing in large cities, and recent graduates are competing for shifts at an accelerated pace while the countryside still faces shortages.

What can really trigger large volcanic eruptions? Research suggests that gas returning to the magma may be more dangerous than gas escaping from it.

Goodbye expensive popular car: electric vehicle for less than R$ 70,000 starts being sold in Brazil with a range of 200 km and targets those looking to escape gasoline.

With an investment of R$ 612 million, a capacity to process 1.2 million liters of milk per day, Piracanjuba inaugurates a mega cheese factory that increases national production, reduces dependence on imports, and repositions Brazil on the global dairy map.

USA and China compete for Brazil over resources that could be worth trillions — rare earths put the country at the center of a global dispute

Motorola launched the Signature with a gold seal from DxOMark, tying with the iPhone 17 Pro in camera performance, Snapdragon 8 Gen 5 that surpassed 3 million in benchmarks, and a zoom that impresses even at night.

Satellites reveal beneath the Sahara a giant river buried for thousands of kilometers: study shows that the largest hot desert on the planet was once traversed by a river system comparable to the largest on Earth.

The government requests the Federal Revenue Service for a new system to automate the income tax declaration, reducing errors, time, and bureaucracy for millions of Brazilians.

With 74% of companies facing difficulties in hiring, technicians and engineers in renewable energy are becoming scarce in Brazil and are essential to support the expansion of solar, wind, and green hydrogen projects.

Oil – OPEC Secretary Says Second Wave of Covid-19 Pandemic Will Hinder Oil and Gas Market Recovery

According to Mohammad Barkindo, OPEC Secretary General, with various new Covid cases, the oil market may be greatly affected

See More News of the Day:

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

About OPEC:

At over 8,800 meters above sea level, the summit of Mount Everest is made up of rocks that originated at the bottom of an ocean about 500 million years ago and were pushed to the highest point on Earth by the collision of tectonic plates.

Found in one of the most radioactive places on Earth, this Chernobyl fungus may be doing something with radiation that no one has been able to explain to this day.

The U.S. Army receives the first Black Hawk helicopter that can fly without pilots, be controlled by a tablet, and even land on its own during high-risk missions.

With more than 635,000 doctors, Brazil sees competition increasing in large cities, and recent graduates are competing for shifts at an accelerated pace while the countryside still faces shortages.

What can really trigger large volcanic eruptions? Research suggests that gas returning to the magma may be more dangerous than gas escaping from it.

Goodbye expensive popular car: electric vehicle for less than R$ 70,000 starts being sold in Brazil with a range of 200 km and targets those looking to escape gasoline.

With an investment of R$ 612 million, a capacity to process 1.2 million liters of milk per day, Piracanjuba inaugurates a mega cheese factory that increases national production, reduces dependence on imports, and repositions Brazil on the global dairy map.

Petrobras evaluates suspension of sales to distributors and considers canceling the cooking gas auction following guidelines from the Federal Government.

Lula reveals a masterstroke by Petrobras to undo a deal made by Bolsonaro, which involves the return of an important refinery that currently produces less than half of what was expected and makes Brazil dependent on international diesel.

A study confirms that the natural gas sector will reduce greenhouse gas emissions in Brazil by 0.5% and accelerate the energy transition by 2026.

Petrobras implements a severe adjustment and confirms a 55% increase in the price of aviation kerosene with a proposal for installment payments for the companies.

The rise in oil prices could ensure an extra revenue of R$ 100 billion for the Federal Government, indicates a recent economic study.

USA and China compete for Brazil over resources that could be worth trillions — rare earths put the country at the center of a global dispute

Motorola launched the Signature with a gold seal from DxOMark, tying with the iPhone 17 Pro in camera performance, Snapdragon 8 Gen 5 that surpassed 3 million in benchmarks, and a zoom that impresses even at night.

Satellites reveal beneath the Sahara a giant river buried for thousands of kilometers: study shows that the largest hot desert on the planet was once traversed by a river system comparable to the largest on Earth.

The government requests the Federal Revenue Service for a new system to automate the income tax declaration, reducing errors, time, and bureaucracy for millions of Brazilians.

With 74% of companies facing difficulties in hiring, technicians and engineers in renewable energy are becoming scarce in Brazil and are essential to support the expansion of solar, wind, and green hydrogen projects.