Expert Stabilize oil prices is to wait until 2021

the Former head of the Argentine Ministry of energy, founder, Apud&Asociados, Emilio Jose APUD believes that stabilization of oil prices at the level of 50-55 dollars is worth waiting until next year.

According to experts, the agreement OPEC+, in which the Organization of countries-exporters of oil and have joined the deal, the state agreed to reduce oil production at ten million barrels per day, will not bring the expected results, as the supply is still above demand.

“the Reductions agreed upon by the countries, is not enough. Even with the U.S. and Mexico, it does not reach 17-18 million barrels per day, the supply continues to exceed demand,” the expert quoted by the RIA Novosti news Agency.

He noted that currently it is difficult to predict the timing and pace of recovery in the demand for hydrocarbons.

“it seems to Me that the second semester will begin to slowly rise from China, some countries of Europe and Asia that have begun to overcome the pandemic. But the normalization and fair prices and volumes – a history 2021” – said the Agency interlocutor.

Earlier, U.S. President Donald trump said that the current situation with oil prices – a phenomenon transient, which is mainly due to financial pressure.