Exclusive: OPEC fears second virus wave to prolong oil inventory overhang - Reuters:
OPEC fears its record oil cuts will fail to rebalance the market and solve the worst glut in history if a second wave of the COVID-19 pandemic undermines an economic recovery later this year, according to internal OPEC research seen by Reuters.
OPEC, Russia and their allies, a group known as OPEC+, said they would ease record oil curbs from Aug. 1 citing a gradual recovery in demand as global lockdowns loosen up.
The group expects oil demand to climb by 7 million barrels per day (bpd) in 2021 after falling 9 million bpd this year. OPEC wants to lift its output by 6 million bpd in 2021.
But internal research by OPEC, seen by Reuters, suggests those targets could be at risk if a second wave of the virus forces new lockdowns around the world.
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