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The Secretary-General of OPEC is optimistic about the recovery of oil markets this year

03-03-2021

Muhammad Barkindo the Secretary General of the Petroleum Exporting Countries (OPEC) On Tuesday, expressed his optimism for the market recovery this year. He is expecting an increase in oil demand about 96 million barrels per day. Barkindo said, in front of a video meeting held by the technical committee of the OPEC Plus alliance that the outlook for the global economy and the prospects for the oil market showed signs of continues improvement according to a statement issued by the OPEC Organization. Barkindo explained that the global oil market data for 2021 indicate that demand continues to rise, achieving an additional growth of 5.8 million barrels per day until it reaches its goal of achieving about 96 million barrels per day. He confirmed, this outlook by showing the continued positive developments in the global economy with flexible demand from the Asian market. However, he called for not being overly optimistic given the continued state of uncertainty, especially due to the risks of the emerging Corona virus pandemic (Covid 19), which remains a challenge facing the global recovery. In this context, he referred to the high number of cases of the epidemic during the last week of February for the first time in nearly two months. He also called for international; efforts to contribute to popularizing and accelerating vaccination all over the world. The 49th meeting of the OPEC Plus Joint Technical Committee, discussed the evaluation of oil market conditions and developments on the eve of the 27th meeting of the OPEC Plus Joint Ministerial Committee, to monitor the production cut agreement. This meeting also comes ahead of the 14th OPEC Plus ministerial meeting, which is scheduled for Thursday.