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Oil turns around and falls more than 1% after lack of OPEC consensus

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The ministers of the OPEC (Organization of the Petroleum Exporting Countries) and Russia (OPEC +) They have held a telematic meeting this Monday to decide whether to maintain oil production at current levels during the month of January. He Brent crude It has turned around and falls 1% after starting the session with rises.

Mohammad barkindo, the organization's general secretary, commented on Sunday that while oil demand is expected to increase by 5.9 million barrels per day (bpd), to 95.9 million this year, the group sees many risks to demand in the first half of 2021.

"We are beginning to emerge from a year of deep investment cuts, huge job losses and the worst destruction of crude demand ever"The leader pointed out. The poor evolution of the coronavirus pandemic and the restrictions in Europe anticipate that demand will not recover in the coming weeks.

The OPEC + decided at a meeting last month to increase production by 500,000 barrels per day in January, anticipating a boost in demand, although it agreed to meet every month to review production. Its decision will not be known until the end of the trading day.

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