By Grant Smith and Javier Blas
On Monday, Russian oil companies discussed with Energy Minister Alexander Novak the possibility of delaying the easing of OPEC+ output cuts by three months, according to people familiar with the matter. They also discussed potentially deepening the current curbs, though that was not the base case, said one person.
“We continue to see headwinds,” Barkindo said in an interview with the head of the International Energy Forum. “Demand is recovering, so also is the global economic rebound, but at a very slow speed.”
The latest wave of the virus “will almost certainly dampen the momentum that we gathered in the third quarter,” Barkindo told IEF head Joe McMonigle in the podcast. That’s casting a shadow on the outlook for next year, even as fuel demand in China and India returns to levels seen before this year’s coronavirus outbreak, he said.
Because of the unparalleled disruption caused by the disease, the upcoming meeting “will be one of the most important conferences in the history of OPEC,” Barkindo said. The Riyadh-based IEF promotes dialogue between energy producers and users.
OPEC and Russia also held their annual talks on Tuesday. Novak said the partnership between the producers has been instrumental in ensuring market stability, particularly during the pandemic, according to social media posts by the OPEC secretariat.
“We see a lot of uncertainties that prevent the return of economic indicators and global oil consumption to pre-crisis” levels, Novak said in opening remarks at the Russia-OPEC energy dialogue. “We see how difficult the recovery is.”
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