(MENAFN- Saudi Press Agency) Algiers, April 22, 2020, SPA -- OPEC rotatory president and minister of Energy of Algeria Mohamed Arkab said today that the oil market will overcome the current crisis by the end of coronavirus epidemic, expecting prices to come to normal by the beginning of the second half of the current year.
In remarks, Arkab said his country has called for convening another consultative meeting virtually among OPEC and partners following the new developments of the oil market, noting that the big drop of oil prices should not call for worry as the current situation is an exceptional case and not a serious one.
He attributed the rapid fall of prices to the retreat of demand against the abundant offer of oil, as the recent week has witnessed a saturation of world inventories, negatively affecting the price as two thirds of the world market exist in Europe, America and parts of Asia.
He drew the attention that OPEC + decision to reduce production would contribute to souk up a great amount of the offer in the market over the months of May and June through July 2020.
--SPA
19:12 LOCAL TIME 16:12 GMT
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