OPEC and a group of Russia-led oil producers agreed to continue pumping more crude, betting that pent-up demand in a post-lockdown world will outweigh any hit to economic activity by the recent permutations of Covid-19.
The Organization of the Petroleum Exporting Countries and allied producers led by Russia said they would raise their collective production by another 400,000 barrels a day in January. The group agreed earlier this year to boost output in such increments each month until production reaches pre-pandemic.
But the oil production in USA decrease by 2 Million Barrells. So the prices of the oil will stay three folds of what it was for now.
So, let us enrich the Opec countries.
Just a thought.
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