OPEC considering extending oil production for April

Sources said today that the OPEC and its allies are considering extending production cuts for April instead of increasing production as global oil demand continues to weaken due to the continuing worsening of the coronavirus crisis. It is expected that Saudi Arabia will end its voluntary production cut by one million barrels per day, but it is not clear whether Saudi Arabia will end the voluntary cuts or extend them, and it was expected that Russia will increase its oil production in February, but it failed to do so due to the harsh winter weather.

OPEC expects that global oil demand will grow in 2021 by 5.8 million barrels per day to about 96 million barrels per day, which is less than the global demand for oil in 2019, which amounted to about 100 million barrels per day.