Mohammad Barkindo: Coronavirus vaccination will increase oil demand

Mass deliveries of the COVID-19 vaccine in 2021 will contribute to the "rapid development of the global economy and the growth of oil demand."

OPEC Secretary-General Mohammad Barkindo said during a video conference dedicated to the oil and gas industry in Africa, Report informs.

Barkindo pointed out that news about creating a vaccine against coronavirus has already "caused a positive mood" in the world community.

As previously reported, on December 3, OPEC + Ministers agreed to hold monthly meetings of the Alliance to confirm the plan to increase oil production for the next month in the amount of 500 thousand barrels per day.

Notably, the historic agreement reached at the 10th meeting of OPEC + Ministers on April 12 provided an easing of obligations by 1.9 million barrels from January 2021 to the end of April 2022.

Thus, in January next year, OPEC countries will reduce daily oil production by 4.564 million barrels, and non-OPEC countries by 2.636 million barrels. According to the new "Declaration on cooperation," in January 2021, Azerbaijan's commitment will amount to 123 thousand barrels. In other words, in January, Azerbaijan should increase its daily oil production by 8,000 barrels and maintain 595,000 barrels.

The next Ministerial meeting is to take place on January 4, 2021.