Business Desk, Tech for FTCP, New Delhi
Updated Tue, 17 Nov 2020 08:15 PM IST
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According to OPEC's Joint Technical Committee (JTC) report, oil demand is expected to increase by 6.2 million barrels per day in 2021. This is 0.3 million barrels lower than previously estimated. A virtual meeting between OPEC and its allies took place on Monday. This meeting took place just before the meeting of the Ministerial Monitoring Committee on Tuesday. Policy decisions are likely to be taken in this upcoming meeting.
Earlier, the organization had said to increase production to two million bpd from January, which is two per cent of global consumption. But the organization is revisiting increasing production amid fears of a decrease in demand. Explain that this year the organization has cut production records.
According to sources, OPEC and its partner countries may consider maintaining the previously scheduled 7.7 million bpd production for three to six months. The report said that if the production cuts were sustained by March 2021, the OECD's commercial oil reserves could fall to 73 million barrels. If this reduction is continued till June, this stock is likely to fall to 21 million barrels.
Let us know that OPEC and its partner countries are scheduled to meet on November 30 and December 1 to consider the production policy for 2021. Policy decisions are to be taken in this meeting.