At the end of 10, the Organization of Petroleum Exporting Countries held its180th meeting, and the main topic of this discussion was to reduce oil production next year. However, according to the information we have learned, no final decision has been reached this time, so the negotiations will continue.

The full name of the Organization of Petroleum Exporting Countries is the Organization of Petroleum Exporting Countries. In fact, it is equivalent to an organization of petroleum exporting countries composed of several oil-producing countries. The members of these organizations are composed of oil-producing countries in Asia, Africa and Latin America. Their main purpose is to formulate oil policies with each other, but at the same time, they also oppose those western oil monopoly capitals and give them a deep voice. To put it bluntly, they are an international organization that organizes itself to determine oil prices. Their purpose is to coordinate and unify the oil policies of member countries and stabilize the price in the international oil market.

Since its establishment, this organization has held 180 meetings, and the recent topic is mainly to discuss the scale of oil production reduction. In fact, we also know why this topic appears, mainly because of the impact of the COVID-19 epidemic, which has led to the global economy shrinking to varying degrees, and the global demand for energy markets has decreased, which is extremely unfavorable to the supply of oil. The impact on the oil industry is even greater, and this impact will continue not only this year, but also in the next few years, so the global economy is still in a deep recession. Therefore, according to the data survey, the global oil demand will drop by about 9.8 million barrels per day, because the economy has shrunk by 4.3%. Since there is this trend, it is necessary to reduce the output of oil in order to achieve a balance between supply and demand.

At the same time, the Algerian Energy Minister, who is also the chairman of the Organization of Petroleum Exporting Countries, said that the road to oil recovery is long, but it is gratifying that with the gradual success of the global COVID-19 vaccine research and development, it has brought positive effects to the global epidemic. It is believed that vaccines will bring positive and remarkable effects to people in the second half of next year, so the global economy will grow by 4.4% again and the global daily demand for oil will also increase.