COVID-19: Experts predict oil producers will soon increase output

COVID-19: Experts predict oil producers will soon increase output

- It is expected that oil producers will soon increase the output of crude oil produced

- Analysts believe oil producers will ease supply cuts that were imposed about 3 months ago

- The International Energy Agency (IEA) earlier stated that the worst may be over with respect to the impact of the coronavirus

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Oil producers all over the world are expected to announce an increase in the output of crude oil in a few days.

YEN.com.gh understands that meetings are likely to be held soon to discuss the next course of action.

A key item on the table for discussion is the possible easing of supply cuts that were imposed in April to increase prices.

READ ALSO: COVID-19: Exporters lose $1.6 million as products go waste

The Organisation of Oil Exporting Countries (OPEC) and its allies, known as OPEC+, reduced daily oil output by 9.7 million barrels following the collapse in demand.

Per a report by classfmonline.com, this was to help reduce the effects of an oil glut that was caused by the lockdowns imposed around the world.

Information available shows that the International Energy Agency (IEA) earlier stated that the worst may be over with respect to the impact of the coronavirus.

COVID-19: Experts predict oil producers will soon increase output

Source: DNA India
Source: UGC

Its report also showed that the general economic outlook may be tainted by the resurgence of cases in some parts of the world such as the United States of America and Latin America.

In other news, Ghana’s stock market experienced a 17% fall in 6 months due to the outbreak of the coronavirus.

The pandemic, which has claimed more than 500 000 lives around the world, has led to the collapse of business and economies worldwide.

It has also exposed the weaknesses in global health systems and led to unexpected consequences.

READ ALSO: Bank of Ghana warns financial institutions over new type of MoMo fraud

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Source: Yen Newspaper

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