Geared to fix up their schemes to gradually increase oil production by 2 million barrels on a regular daily basis over the coming months, OPEC and its partners will act in line with oil market conditions.
Speaking in a session attended by OPEC and OPEC+ experts, Secretary-General of OPEC, Mohammad Barkindo, said in 2021 oil demand in the world is expected to go up to 95.9 million bpd.
OPEC+, last month, planned to multiply oil output by 0.5 million barrels per day (bpd) as of January; however, some of its members were unwilling to further step up output from the month of February. In the wake of lockdowns, OPEC+ had no choice but to reduce oil production in a record quantity as global demand decreased.
Vaccines have brought hope around the world’s oil economy; yet, demand for oil might not be able to reach the levels before the pandemic (nearly 100 million bpd).