The global oil market is expected to see a “slight recovery” into 2021 due to rising hopes for demand growth, OPEC chief Mohammad Barkindo said Tuesday.
Barkindo’s remarks came during the 44th Meeting of the Joint Technical Committee (JTC) of the Declaration of Cooperation (DoC) participating countries via videoconference.
“This assumption is buoyed by the expectation of rising demand growth and – of particular relevance to our work – continued conformity to the DoC production adjustments,” Barkindo was quoted as saying in a Twitter post by OPEC.
The JTC came one day before OPEC’s Joint Ministerial Monitoring Committee (JMMC) on oil market developments.
Praising the efforts of JTC delegates for their continuous assessment of the oil market throughout the COVID-19 crisis, Barkindo reiterated the DoC’s contribution to improving oil market stability and sentiment in the face of unprecedented challenges.
Urging for patience in the face of current challenges, Barkindo stressed that “the recovery will not be as rapid as the slump that the economy, and the oil market, in particular, has experienced this year.
"Given the uncertainties, we must remain vigilant,” he said.
By Sibel Morrow