Oil Price - Is It Still Possible To Rebalance The Oil Market?

There is still a chance to rebalance oil markets if the OPEC+ group expands to include more producing countries, the head of the Russian sovereign wealth fund, Kiril Dmitriev, told Reuters in an interview.

The bold statement comes after several global demand revisions, the most recent from IEA's Director Fatih Birol, who yesterday said demand could fall by 20 million bpd.

"Joint actions by countries are needed to restore the (global) economy... They (joint actions) are also possible in OPEC+ deal's framework," Dmitriev said, adding that, "We are in contact with Saudi Arabia and a number of other countries. Based on these contacts we see that if the number of OPEC+ members will increase and other countries will join there is a possibility of a joint agreement to balance oil markets."

https://oilprice.com/Energy/Energy-General/Is-It-Still-Possible-To-Rebalance-The-Oil-Market.html