OPEC+ Warns of Risk to Oil Recovery as Group Plots Next Move - Bloomberg
OPEC warned of risks to the oil market from the resurgent pandemic, a day before the group and its allies meet to consider whether to increase production.
“The outlook for the first half of 2021 is very mixed,” OPEC Secretary-General Mohammad Barkindo said at a preparatory meeting on Sunday. “There are still many downside risks to juggle.”
The alliance of producers led by Saudi Arabia and Russia will decide on Monday whether it can continue to restore crude supplies without capsizing the price recovery they spent most of 2020 working to achieve.
At a long and late meeting on Sunday, several countries including Saudi Arabia sounded cautious about increasing production further in February on top of the 500,000 barrels-a-day hike this month, delegates said. Riyadh has publicly kept its views under wraps, while Russia has backed an additional boost.
No comments:
Post a Comment