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OPEC+ panel says uncertainties may impact oil demand recovery

"Despite the ongoing destocking of commercial OECD stocks, they remain above the 2015-2019 average, while recognising that prevailing volatility in the market structure is a signal of fragile market conditions," the panel said in the report.

March 31, 2021 / 10:14 AM IST
Source: Reuters

Source: Reuters

OPEC+ has raised concerns that uncertainties may impact the recovery in oil demand due to rising numbers of virus infections globally and lockdown measures, according to a report from the group's experts panel meeting seen by Reuters on Wednesday.

"Despite the ongoing destocking of commercial OECD stocks, they remain above the 2015-2019 average, while recognising that prevailing volatility in the market structure is a signal of fragile market conditions," the panel said in the report.

The experts panel, known as the Joint Technical Committee, met on Tuesday ahead of a ministerial meeting on Thursday to decide oil output policy. The producers are withholding millions of barrels of daily supply to support the market.



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Reuters
first published: Mar 31, 2021 10:07 am
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