OPEC President Says Group Can’t Rush Oil Output Increases
- Group must be ‘very cautious,’ says Algerian energy minister
- No guarantee OPEC+ will pump extra 2 million barrels by April
OPEC on Monday cut its forecast for global fuel consumption in the first quarter of 2021 by 1 million barrels a day.
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The president of OPEC reiterated that the oil producers’ alliance shouldn’t rush to increase output early next year and said energy demand was still fragile with the coronavirus raging across parts of the world.
Algeria’s Energy Minister Abdelmajid Attar, who holds OPEC’s rotating presidency, said there was no guarantee the group and its allies would raise crude production by 2 million barrels a day by April, even after an agreement earlier this month to reach that level in steps.