OPEC+, a group of major producers led by Saudi Arabia and Russia, will ensure oil prices do not see an April-like steep sell-off again when it meets to set policy at the end of November, OPEC’s Secretary-General Barkindo said on Thursday, according to Economic Times.
Key quotes
I want to assure you that the OPEC, the non-OPEC partnership will continue to do what it knows best, by ensuring that we don’t relapse into this almost historic plunge that we saw.
We have to be realistic that this recovery is not picking up pace at the expected rate in the year. Demand itself is still looking anemic.
Oil prices tanked in April, with the then front-month West Texas Intermediate futures falling $30 below zero on coronavirus-induced oversupply concerns.
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