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Tuesday 27 April 2021

OPEC+ Meeting Moved to Today


  7 forum posts

MOSCOW (TASS) – The meeting of the OPEC+ monitoring committee and the ministerial meeting of the alliance countries will take place on April 27, a day earlier than previously planned, according to the OPEC agenda. The information was confirmed by a TASS source.

The meeting of the monitoring committee is scheduled for 15:00 Moscow time, ministerial meeting will begin after it.

The reasons for moving the meeting from April 28 were not specified.

Earlier, the OPEC secretariat reported that the ministers of the OPEC+ countries will hold two meetings this week and can not only assess the situation as planned, but also discuss new actions on the oil market.

According to OPEC Secretary General Mohammad Barkindo, the oil market is showing positive signals, but there are still enough factors that require careful monitoring.

Russian Deputy Prime Minister Alexander Novak told reporters earlier that at the meeting the ministers would assess the prospects for the development of the oil market and could confirm the decision made in early April. According to him, the OPEC+ countries in May-July will smoothly restore oil production by 2.1 mln barrels per day.

  Forum posts

  • Within OPEC, everyone is afraid of Iran’s return to the oil market. Russia will do its best to sabotage the nuclear negotiations. It will also do its best to destabilize Iraq. With Iran and Iraq out of the market, they can keep prices around $70, otherwise the plunge will be terrible.

  • With or without Iran, oil will plunge. Economies are not recovering and 2021 is already a disaster. I have less and less hope for 2022. Boris Johnoson is right, screw the cornovirus, we have to worry about the economy first, otherwise the consequences will be terrible.

  • In our latest analysis at the IMF, we believe that the medium-term outlook (five-year horizon) for output losses, relative to pre-pandemic projections, will be about 3% for the global economy.

  • Raise interest rates before we have hyper inflation.

  • In any case, the demand for oil will be very low in the next two or three years. Prices will also be low, so I don’t expect inflation. Monetary policy - interest rastes - will just prevent deflation.

  • Oil doesn’t predict inflation anymore.

  • There is a stockpile of petrodollars that the West needs to recover from the current crisis. There is also Russia, which increasingly dominates the energy market. A dive in oil prices is therefore more than ever necessary, even if it creates problems for the US.

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