ECONOMY


OPEC: uncertainties continue to affect economic recovery

Baku, October 2, AZERTAC

Uncertainties and risks will continue to affect stability in the global oil market and the pace of economic recovery at a time of the ongoing battle against a COVID-19 resurgence and despite OPEC’s optimism, OPEC Secretary-General Mohammad Barkindo said on Thursday.

Barkindo’s remarks came during a two-day technical workshop starting on Sept. 29 in Vienna with agencies forecasting world oil demand and non-OPEC supply, which also saw the attendance by OPEC and non-OPEC oil-producing countries and experts from forecasting agencies.

“The meeting’s focus is on how forecasting agencies address uncertainties and factor in the changing dynamics of the time as the world continues to grapple with the COVID-19 pandemic and its knock-on effects with an emphasis on oil market developments and prospects,” Barkindo was quoted as saying by OPEC on Twitter.

“Our engagements and dialogues on issues of crude oil production, including this meeting, will continue, and the networks we are building now will serve us well going forward”, he added.

OPEC and allies including Russia, a grouping known as OPEC+, is currently cutting output by 7.7 million barrels per day up to December to support prices, as the coronavirus crisis continues to hamper demand.

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