According to Mohammad Barkindo, Secretary General of OPEC, with several new cases of Covid, the oil market could be greatly affected

For Mohammad Barkindo, secretary general of OPEC – Organization of Petroleum Exporting Countries, the oil market and the recovery of the oil and gas sectors could be greatly affected due to the increase in new cases of Covid-19. Such increases in cases each day could affect the recovery of oil prices, forcing the cartel to continue its efforts to balance the market.

See other news of the day:

• Petrobras Young Apprentice Program: Reduc selects 48 young people from Duque de Caxias
• Webinar discusses the new challenges of the Occupational Safety Engineer
• Billionaire investment in São Paulo: pre-salt gas pipelines will be connected to Baixada Santos by Compass Gás e Energia

Around the world, several records have been recorded of consecutive cases, with Europe becoming a major center of the pandemic. On the 23rd, 490 thousand people were registered who tested positive for Covid-19.

“We were hopeful that the second half of 2020 would start to register a recovery. Unfortunately, both economic growth and demand recovery remain anemic at the moment, largely due to the virus,” said Mohammad.

OPEC's secretary general said he was optimistic that the recovery would continue, but the pace would be slow. "It may take longer [to recover], perhaps at lower levels, but we are determined to stay the course."

In April, OPEC countries and other allies and Russia decided to press for record production cuts to keep barrel prices at sustainable levels. On Monday, WTI ($38,50) and Brent ($40,80) barrels were both in trade, with prices down 3%.

About OPEC:

Organization of Petroleum Exporting Countries – OPEC, is an intergovernmental organization whose objective is to centralize the elaboration of policies on the production and sale of petroleum in the member countries.

Currently, OPEC member countries 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, making the price of the product reach high values, providing greater profitability for oil exporting countries.