OPEC+ countries discuss growth in oil production

Ministers of OPEC+ member countries discuss the possibility of increasing oil production in February by half a million barrels per day. Some states are opposed because of the high risks of another collapse in market prices. During yesterday’s talks, the parties to the agreement could not reach a consensus and the meeting was postponed until today. “If the alliance makes the right decision this time, the oil price may remain at the level of US$50 per barrel in the first quarter of the year,” Algerian Energy Minister said. OPEC+ Secretary General Mohammad Barkindo also spoke about uncertainty and unforeseen threats. But in general, his forecasts are optimistic. This year, analysts of the Organization expect an increase in global demand for oil to almost 96 million barrels per day. Moreover, growth will occur at the expense of developing countries. At the same time, the head of OPEC+ noted that such industries as world tourism, the hotel business will take years to return to pre-crisis levels.