On Wednesday, the Algerian Energy Minister Abdelmadjid Attar said that the Organization of the Petroleum Exporting Countries and its non-member oil producer allies (OPEC+) could deeper or extend the oil output cut pact if necessary.
The allies plan to ease its output cuts by 2 million bpd in January from the current 7.7 million bpd cut.
Previously, last week, Attar said that his country, currently holds the presidency of OPEC, supports the extension of the current cuts into 2021. He also added that in the next meeting, the allies could assess a six-month extension.
OPEC+ meeting on November 30 to December 1 could also ponder on a six-month expansion, if not until the end of March.
On a related note, on Wednesday OPEC slashed its prediction on next year’s oil demand growth by 300,000 bpd from last month’s, citing the coronavirus pandemic as the factor. Next year, according to the new forecast, oil demand could jump by 6.25 million bpd to 96.26 million bpd.
