OPEC sees positive oil market outlook, but downside risks persist

LONDON: OPEC sees a generally positive oil market outlook with last year’s uncertainty easing, but downside risks caused by the pandemic persist, the group’s secretary general said on Tuesday.

“We have come a long way from a year ago,” Mohammad Barkindo said. “The days of GDP and oil demand figures being in the red because of the pandemic-induced shock appear to be behind us.”

Barkindo was speaking before Tuesday’s meeting of the Joint Technical Committee (JTC) which reviews the oil market for the Organization of the Petroleum Exporting Countries, Russia and other allies, a group know as OPEC+.