OPEC 'cautiously optimistic' oil market will recover in 2021 | Reuters
OPEC’s secretary general said on Tuesday he was cautiously optimistic the oil market would recover this year from the slump in demand brought on by the coronavirus pandemic.
Monthly meetings of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia - a group known as OPEC+ - are there to stop an imbalance from re-emerging, OPEC’s Mohammad Barkindo told a virtual forum.
“We all agree that the recovery is fragile, there are still more uncertainties, but we are cautiously optimistic that the recovery will materialise this year,” Barkindo said at the Atlantic Council Global Energy Forum.
Oil prices have rallied to an 11-month high this month, helped by a Jan. 5 decision by most members of OPEC+ to hold production steady in February and a pledge by Saudi Arabia to voluntarily cut output.
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