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

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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.

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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.

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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

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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

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