OPEC says oil prices won't collapse again

According to a statement made on Thursday (15) by the Secretary General of OPEC, Mohammad Barkindo, OPEC+ will take care that oil prices do not fall again. The group will meet at the end of November to define its policies.

"I want to ensure that the partnership between OPEC and non-OPEC countries will continue to to do what you do best, ensuring that we don't fall for that almost historic collapse that we saw, " said Barkindo, who also added that demand for oil has recovered more slowly than Laid down. "We have to be realistic, this recovery is not accelerating at the pace we expected earlier in the year," he said.

It is also worth mentioning that a technical committee of Opec+ meets on Thursday (15) to discuss the level of compliance with the supply cuts by the members of the group, as well as the fundamentals of the market. Some countries such as Iraq, Nigeria and the United Arab Emirates were lagging behind in their targets and will have to make additional cuts by the end of the year to make up for it. However, according to opec's secretary general, this compensation scheme is working well.


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