The Organisation of the Petroleum Exporting Countries has reduced projections for global fuel consumption for first quarter of 2021 by one million barrels per day, according to its monthly report.
OPEC and its allies are expected to meet on January 4, 2021 to consider whether they can press on with further monthly increases.
“Uncertainties remain high, mainly surrounding the development of the COVID-19 pandemic and rollout of vaccines, as well as the structural impact of COVID-19 on consumer behaviors, predominantly in [the] transportation sector,” OPEC’s Vienna-based secretariat said in the report.
The alliance is currently idling 7.7mbpd, or about eight per cent of global output.
In three weeks, it will decide whether the January increase should be followed by another addition of as many as 500,000bpd as it sets about reviving a total of two million barrels.
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