New Delhi, Monday 30 November 2020
A virtual meeting is to be held today between the leaders of the Organization of Petroleum Exporting Countries (OPEC) to consider the situation arising out of the decline in crude oil demand.
To prevent the spread of the corona virus epidemic, new lockdowns are being imposed in many countries. At this meeting, OPEC member countries will consider the level at which they need to keep their production.
It is believed that OPEC member countries may consider reducing production by next year amid fluctuations in crude oil prices. The Saudi-led OPEC is scheduled to meet on Monday.
The meeting will reach an agreement on production among the member countries. The group i.e. additional members of OPEC Plus will meet on Tuesday. Russia leads OPEC Plus. Cases of corona transition are on the rise again in the world, so there is still confusion about the need for crude oil.
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