OPEC and its allies have made a high wire ride in the oil market: to increase supply without collapsing oil prices while demand remains low. A novel coronavirus, which is under the crisis of the new coronavirus, is part of
‘s oil producing alliance. So far, these increases have not derailed the fragile recovery in oil prices, which have climbed to five month highs. However, the outlook for oil demand has deteriorated as the new crown epidemic stifles the development of international travel, and the re outbreak of the epidemic drags down the economic recovery. Key members of OPEC + will meet on Wednesday to consider how to protect their recent success. < / P > < p > “they need to be very vigilant,” said amrita Sen, chief oil analyst at energy aspects Ltd., a consultancy. “They need to respond very quickly because they are likely to experience a decline in demand.” < / P > < p > OPEC and its partners cut production by 9.7 million barrels / day earlier this year, accounting for about 10% of global supply, at a time when the global shutdown caused the largest drop in oil demand in history. < p > < p > their sacrifice paid off, reversing the trough of the New York market, when crude oil prices plummeted below zero. Brent crude oil futures traded close to $45 a barrel, three times the level at the end of April. This effort not only brings a lifeline to the OPEC + economies, but also benefits international companies like BP and ExxonMobil.