Oil Market: OPEC paints mixed outlook for 2021

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OPEC

By Udeme Akpan

Despite the stability of oil prices at $50 per barrel in recent times, the Organisation of Petroleum Exporting Countries, OPEC, has painted a mixed oil market outlook for 2021.

In his Opening Remarks at the 47th Meeting of the Joint Technical Committee (JTC), January 3, 2021, via videoconference, HE Mohammad Sanusi Barkindo, OPEC Secretary General, said: “Amid the hopeful signs, the outlook for the first half of 2021 is very mixed and there are still many downside risks to juggle.  We are only beginning to emerge from a year of deep investment cuts, huge job losses and the worst crude oil demand destruction on record. Curbs on social and economic activity remain in place in a number of countries, and there is concern about the emergence of a pernicious new strain of the virus.  Last night I saw on the news there are now about 30 countries that have reported this new strain.”

Restrictions

According to him, “Though the ongoing restrictions are necessary to…



Source: Vanguard Newspaper

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