Uncertainties may impact recovery in oil demand, says OPEC+ panel
OPEC+ has raised concerns that uncertainties may impact the recovery in oil demand due to rising numbers of virus infections globally and lockdown measures
 "crude oil prices")
Oil pumping jack
DUBAI (Reuters) - OPEC+ has raised concerns that uncertainties may impact the recovery in oil demand due to rising numbers of virus infections globally and lockdown measures, according to a report from the group's experts panel meeting seen by Reuters on Wednesday.
"Despite the ongoing destocking of commercial OECD stocks, they remain above the 2015-2019 average, while recognising that prevailing volatility in the market structure is a signal of fragile market conditions," the panel said in the report.
The experts panel, known as the Joint Technical Committee, met on Tuesday ahead of a ministerial meeting on Thursday to decide oil output policy. The producers are withholding millions of barrels of daily supply to support the market.
(Reporting by Rania El Gamal; Editing by Kim Coghill and Tom Hogue)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Mar 31 2021 | 10:18 AM IST