OPEC+ panel: Uncertainties may impact oil demand recovery – Reuters
|OPEC and its allies (OPEC+) are worried about the demand recovery for oil due to rising coronavirus infections and lockdown measures worldwide, Reuters reports, citing a report from the group’s experts panel meeting held on Tuesday.
“Despite the ongoing destocking of commercial OECD stocks, they remain above the 2015-2019 average, while recognizing that prevailing volatility in the market structure is a signal of fragile market conditions,” the panel said in the report.
Market reaction
WTI is heading higher, flirting with the $61 mark, as it ignores the concerns raised by the OPEC+ panel.
All eyes remain on the OPEC+ a ministerial meeting on Thursday to decide oil output policy.
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